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Price Signal Summary - Bull Cycle In GBPUSD Extends

OUTLOOK
  • In FX, EURUSD maintains a firmer short-term tone as the correction extends. This suggests scope for a continuation higher near-term. Note too that the bounce from last Wednesday’s low means the channel base, at 0.9469, has provided support. The move higher opens the channel top at 1.0007.
  • GBPUSD traded higher Monday, extending the latest recovery from 1.0350, Sep 26 low. The 20-day EMA has been cleared and this signals scope for an extension towards the 50-day EMA at 1.1576 - a key resistance. Initial support is seen at 1.1025, the Sep 30 low.
  • USDJPY key support is 140.36, the Sep 22 low. Attention is on the bull trigger at 145.90, the Sep 22 high. A break would confirm a resumption of the uptrend and open 146.03, 2.764 projection of the Aug 2 - 8 - 11 price swing. Initial support is 143.10, the 20-day EMA.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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