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Price Signal Summary - Cable Remains Vulnerable

OUTLOOK
  • In FX, EURUSD resistance is at 1.0659, the 50-day EMA. The average was pierced Wednesday, however, a clear break is required to suggest scope for a stronger recovery. This would expose 1.0803, Feb 14 high and a key short-term level. Clearance of this hurdle would strengthen a bullish case. For now, gains are considered corrective. Support to watch is 1.0533, Monday’s low. A break would resume the bear cycle.
  • GBPUSD conditions are bearish and resistance has so far this week remained 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 point would highlight a broader reversal threat and a potential double top pattern on the daily chart. Key short-term resistance is unchanged at 1.2147, Feb 21 high.
  • The USDJPY trend outlook remains bullish and while the pair is consolidating, it is also holding on to its recent gains. Price has pierced 136.67, 38.2% of the downleg between Oct 21 and Jan 16. A clear breach of this hurdle would set the scene for a climb towards 138.17, the Dec 15 high. On the downside, the support to watch lies at 133.73, the 50-day EMA. A clear break of this EMA is required to signal a possible reversal.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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