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Price Signal Summary - Cable Holds On To The Bulk Of Its Recent Gains

OUTLOOK
  • In FX, the EURUSD condition remains bullish despite the pullback late last week. The recent key technical development has been the break of the bear channel top drawn from the Feb 10 high. The channel breakout highlights a stronger reversal. The focus is on 1.0198 next, the Sep 12 high. The support to watch is 0.9839, the former bear channel resistance.
  • GBPUSD short-term conditions remain bullish and the pair is trading closer to its recent highs. Last week’s breach of key resistance at 1.1495 has strengthened the bullish condition. The move higher confirms a positive price sequence of higher highs and higher lows on the daily chart, reinforcing a bull theme. The focus is on 1.1738, the Sep 13 high. Initial support is seen at 1.1442, the 50-day EMA.
  • USDJPY is firmer today and remains above last Thursday’s low of 145.11. The recent print below 145.56, Oct 24 low, highlights a short-term bearish threat and signals scope for an extension of the current bearish cycle. Momentum studies are trending down as a recent overbought condition unwinds. The focus is on the 50-day EMA at 144.03 - a key support. Initial firm resistance to watch is 149.71, the Oct 24 high. A break would expose the trend high of 151.95 on Oct 21.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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