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OUTLOOK: Price Signal Summary - GBPUSD Bear Cycle Extends

OUTLOOK
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  • In FX, EURUSD remains in a clear downtrend and the pair continues to depreciate, confirming an extension of the current impulsive bear cycle. This marks a resumption of the bear trend and note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Sights are on 1.0484 next, 1.00 projection of the Sep 25 - Oct 23 - Nov 5 price swing. Initial firm resistance to watch is 1.0788, the 20-day EMA. First resistance is at 1.0601, the Apr 16 low.
  • A bearish theme in GBPUSD remains intact and the pair has again traded lower, today. Recent weakness resulted in a breach of support at 1.2834, the Nov 6 low. The clear break confirmed a resumption of the downtrend and the subsequent sell-off reinforces the bearish theme - today’s move down has resulted in a breach of 1.2665, the Aug 8 low. This opens 1.2613, the Jun 27 low. Initial firm resistance is at 1.2934, the 20-day EMA. First resistance is at 1.2768, the Nov 13 high.
  • The USDJPY trend condition is unchanged, it remains bullish and the pair continues to climb. This week’s gains have resulted in a breach of resistance at 154.71, the Nov 07 high, to confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows. Sights are on 156.67, 76.4% retracement of the Jul 3 - Sep 16 bear leg. Initial firm support is 152.36, the 20-day EMA. A break of this average would signal the start of a corrective cycle.
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  • In FX, EURUSD remains in a clear downtrend and the pair continues to depreciate, confirming an extension of the current impulsive bear cycle. This marks a resumption of the bear trend and note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Sights are on 1.0484 next, 1.00 projection of the Sep 25 - Oct 23 - Nov 5 price swing. Initial firm resistance to watch is 1.0788, the 20-day EMA. First resistance is at 1.0601, the Apr 16 low.
  • A bearish theme in GBPUSD remains intact and the pair has again traded lower, today. Recent weakness resulted in a breach of support at 1.2834, the Nov 6 low. The clear break confirmed a resumption of the downtrend and the subsequent sell-off reinforces the bearish theme - today’s move down has resulted in a breach of 1.2665, the Aug 8 low. This opens 1.2613, the Jun 27 low. Initial firm resistance is at 1.2934, the 20-day EMA. First resistance is at 1.2768, the Nov 13 high.
  • The USDJPY trend condition is unchanged, it remains bullish and the pair continues to climb. This week’s gains have resulted in a breach of resistance at 154.71, the Nov 07 high, to confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows. Sights are on 156.67, 76.4% retracement of the Jul 3 - Sep 16 bear leg. Initial firm support is 152.36, the 20-day EMA. A break of this average would signal the start of a corrective cycle.