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Price Signal Summary - GBPUSD Bear Cycle Extends

OUTLOOK
  • In FX, the EURUSD trend condition is bearish and the pair has traded to a fresh cycle low. The breach of 1.0632, the Sep 14 low, confirms a resumption of the downtrend. Moving average studies remain in a bear mode position, highlighting current sentiment. Sights are on 1.0611, 38.2% of the Sep’22 - Jul’23 upleg. Initial firm resistance is 1.0749, the 20-day EMA.
  • GBPUSD traded lower Wednesday to a fresh cycle low and is again softer today, with support at 1.2308 breached, the May 25 low. The move down once again, confirms a resumption of the bear trend and maintains the bearish price sequence of lower lows and lower highs. The focus is 1.2227, the 2.236 projection of the Jul 14 - 24 - 27 price swing. On the upside, initial firm resistance is seen at 1.2548, the Sep 11 high.
  • The USDJPY trend needle continues to point north and the pair is trading higher once again as the uptrend extends. The focus is on a climb towards 148.60 next, a Fibonacci projection. Moving average studies remain in a bull mode position, highlighting the market's positive sentiment. Further out, scope is seen for a climb towards the 150.00 handle. Initial firm support lies at 145.91, the Sep 11 low.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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