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Price Signal Summary - GBPUSD Bear Cycle Still In Play

OUTLOOK
  • In FX, EURUSD remains below Tuesday’s high of 1.0977. Key support to watch is at 1.0852, the 50-day EMA. A clear break of this average would strengthen a bearish threat and signal scope for a deeper corrective pullback. This would open 1.0804, the Jun 15 low and 1.0733, the Jun 12 low. Key resistance and the bull trigger is unchanged at 1.1012, the Jun 22 high.
  • The primary uptrend in GBPUSD remains intact, however, a corrective cycle is still in play. Wednesday’s move lower confirms an extension of the current bearish theme and the pair breached support at 1.2649, the 20-day EMA. The break of this average signals scope for a deeper pullback and exposes the 50-day EMA, at 1.2543. Initial firm resistance is 1.2760, the Jun 27 high. Another bullish session in {JN} USDJPY yesterday and the pair is holding on to this week’s gains.
  • USDJPY has breached 144.40 - the 1.382 projection of the Jan 16 - Mar 8 - Mar 24 price swing and the break signals scope for 145.48, resistance at the 2.0% 10-dma envelope. Technically, USDJPY is the most overbought (as per the 14-day RSI) since mid-October. Key short-term support is at 141.22, the 20-day EMA. A break would signal scope for a deeper correction.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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