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TECHS: Price Signal Summary - Sterling Remains Bid

MARKET INSIGHT
  • In FX, EURUSD maintains a weaker tone despite the recovery from recent lows. Support levels to watch are:
    • 1.2130, Dec 21 low and 1.2090, the 50-day EMA. A break of both would signal scope for a deeper pullback.
  • USDJPY attention remains on key resistance at 104.31, the bear channel top drawn off the Mar 24 high. A break would highlight a stronger reversal. Monday's high of 104.40 is the bull trigger.
  • Sterling remains bid. Resistance levels to watch in Cable today are:
    • 1.3704 High Jan 4 and
    • 1.3750 0.764 projection of May 18 - Sep 1 rally from Sep 23 low
  • EURGBP cleared key support at 08933 yesterday. The focus is on:
    • 0.8867, Nov 23 low and a key support
  • On the commodity front, Gold remains vulnerable following the recent sell-off. Watch support at $1810.7 - 76.4% of the Nov 30 - Jan 6 rally. Oil contracts remain bullish. Brent (H1) targets $58.59 - 76.4% of the Jan - Apr 2020 sell-off (cont). WTI (G1) focus is on $54.50 - high Feb 20, 2020 and a key resistance (cont).
  • A bearish risk still prevails in the FI space and S/T gains are considered corrective. Resistance levels to watch:
    • Treasuries (H1) - 136-26+, Nov 11 low and recent break out level.
    • Bunds (H1) - 177.01, Dec 23 low and recent breakout level.
    • Gilts (H1) - 134.23, intraday high and 134.82 20-day EMA.
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