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Price Signal Summary - Cable Remains Vulnerable

OUTLOOK
  • In FX, EURUSD is firmer today. Despite the latest gains, the trend direction remains down. The recent break of the 50-day EMA, at 1.0662, reinforces bearish conditions and attention is on 1.0484, the Jan 6 low. Clearance of this level would expose 1.0461, 38.2% of the Sep 28 - Feb 2 bull cycle. A break of the 1.0484/61 support zone would strengthen the bearish theme. Initial resistance to watch is 1.0662, the 50-day EMA. It has been pierced, a clear break of this level is required to suggest scope for a stronger bounce.
  • GBPUSD conditions remain bearish and resistance remains intact. A break of 1.1915, the Feb 17 low would confirm a resumption of the bear leg and expose key support at 1.1842, the Jan 6 low. Clearance of this important price level would highlight a broader reversal threat and a potential double top reversal pattern. Key short-term resistance is seen at 1.2147, the Feb 21 high.
  • USDJPY bulls remain in the driver’s seat and the pair delivered a fresh short-term trend high on Tuesday. Price has pierced 136.67, 38.2% of the Oct 21 and Jan 16 downleg. A clear break of this level would set the scene for a climb towards 138.17, the Dec 15 high. The support to watch lies at 133.50, the 50-day EMA. A clear break of this EMA is required to signal a possible reversal.
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