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OUTLOOK: Price Signal Summary - GBPUSD Trend Needle Points North

OUTLOOK
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  • In FX, the short-term outlook in EURUSD remains bullish and support at the 20-day EMA, at 1.1081, has been pierced but remains intact for now. The resumption of gains opens 1.1202, the Aug 26 high and a bull trigger. Clearance of this level would confirm a resumption of the uptrend. A clear break of the 20-day EMA would instead signal scope for a deeper retracement.
  • GBPUSD has traded to a fresh trend high this week. The move higher has resulted in a print above key resistance at 1.3266, the Aug 27 high. This confirms a resumption of the medium-term uptrend. Sights are on 1.3362 next, 1.618 projection of the Jun 27 - Jul 17 - Aug 8 price swing. Initial firm support is 1.3128, the 20-day EMA.
  • USDJPY is trading above its most recent low, however, short-term gains are considered corrective. Bears remain in the driver’s seat and the pair has once again traded to a fresh cycle low this week. The recent breach of key support at 141.70, the Aug 5 low, confirms a resumption of the downtrend. Sights are on 139.00 next, 1.382 projection of the Aug 15 - 26 - Sep 3 price swing. Firm resistance is 143.56, the 20-day EMA. It has been pierced, but remains intact for now.
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  • In FX, the short-term outlook in EURUSD remains bullish and support at the 20-day EMA, at 1.1081, has been pierced but remains intact for now. The resumption of gains opens 1.1202, the Aug 26 high and a bull trigger. Clearance of this level would confirm a resumption of the uptrend. A clear break of the 20-day EMA would instead signal scope for a deeper retracement.
  • GBPUSD has traded to a fresh trend high this week. The move higher has resulted in a print above key resistance at 1.3266, the Aug 27 high. This confirms a resumption of the medium-term uptrend. Sights are on 1.3362 next, 1.618 projection of the Jun 27 - Jul 17 - Aug 8 price swing. Initial firm support is 1.3128, the 20-day EMA.
  • USDJPY is trading above its most recent low, however, short-term gains are considered corrective. Bears remain in the driver’s seat and the pair has once again traded to a fresh cycle low this week. The recent breach of key support at 141.70, the Aug 5 low, confirms a resumption of the downtrend. Sights are on 139.00 next, 1.382 projection of the Aug 15 - 26 - Sep 3 price swing. Firm resistance is 143.56, the 20-day EMA. It has been pierced, but remains intact for now.