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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 despite today’s pullback. Support at the 20-day EMA, at 1.1088, has been pierced but remains intact for now. A resumption of gains would signal scope for a move higher towards 1.1202, the Aug 26 high and a bull trigger. On the downside, a clear break of the 20-day EMA is required to signal scope for a deeper retracement.
  • GBPUSD traded higher last week. Key resistance at 1.3266, the Aug 27 high, has been breached This break 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 1.3146, the 20-day EMA.
  • USDJPY traded higher Friday and remains above its most recent low. However, short-term gains are considered corrective. Bears remain in the driver’s seat and the pair traded to a fresh cycle low last 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. The next key resistance is 146.99, the 50-day EMA.
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  • In FX, the short-term outlook in EURUSD remains bullish despite today’s pullback. Support at the 20-day EMA, at 1.1088, has been pierced but remains intact for now. A resumption of gains would signal scope for a move higher towards 1.1202, the Aug 26 high and a bull trigger. On the downside, a clear break of the 20-day EMA is required to signal scope for a deeper retracement.
  • GBPUSD traded higher last week. Key resistance at 1.3266, the Aug 27 high, has been breached This break 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 1.3146, the 20-day EMA.
  • USDJPY traded higher Friday and remains above its most recent low. However, short-term gains are considered corrective. Bears remain in the driver’s seat and the pair traded to a fresh cycle low last 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. The next key resistance is 146.99, the 50-day EMA.