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OUTLOOK: Price Signal Summary - GBPUSD Bull Cycle Remains In Play

OUTLOOK
  • In FX, EURUSD bulls remain in the driver’s seat and last week’s appreciation reinforces a bullish set-up. Moving average studies are in a bull-mode position too, highlighting a rising trend. Sights are on 1.1234 next, a 1.618 projection of the Jun 26 - Jul 17 - Aug 1 price swing. The trend is overbought and any corrective pullback would allow this condition to unwind. Key short-term support to watch is seen at 1.1021, the 20-day EMA.
  • GBPUSD bullish conditions remain intact and recent gains reinforce the current trend set-up. The pair has traded through two important resistance points; 1.3142/43, the Jul 14 ’23 high and the top of a bull channel drawn from the Oct 4 ‘23 low. This strengthens bullish conditions and paves the way for a climb towards 1.3261, a 1.382 projection of the Jun 27 - Jul 17 - Aug 8 price swing. Firm support to watch is 1.2955, the 20-day EMA. First support is 1.3077, the Aug 22 low.
  • USDJPY continues to trade below the Aug 15 high and firm resistance at the 20-day EMA is intact. The trend structure is bearish and moving average studies remain in a bear-mode set-up. A stronger reversal lower would refocus attention on key support at 141.70, the Aug 5 low. Resistance is at 147.74, the 20-day EMA. A break would signal scope for a stronger correction.
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