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Price Signal Summary - GBPUSD Bear Leg Extends

OUTLOOK
  • In FX, EURUSD is trading lower today but remains inside the 4-day range. A corrective bear cycle is in play. The 20-day EMA has been cleared and this has exposed the 50-day EMA, at 1.0818. A clear break of the average would signal scope for a deeper retracement. For bulls, a reversal higher would highlight the end of the corrective cycle and open the key resistance at 1.0948, the Jul 17 high. Initial resistance is 1.0897, the Jul 23 high.
  • GBPUSD has started the week on a bearish note, extending the reversal that began Jul 17. Support around the 20-day EMA has been cleared and this signals scope for a move towards 1.2784, the 50-day EMA. The move down appears to be a correction - for now. Moving average studies are in a bull-mode set-up, highlighting a rising trend. Key resistance and the bull trigger has been defined at 1.3044, the Jul 17 high. Initial resistance is 1.2938, the Jul 24 high.
  • A sharp sell-off last week in USDJPY reinforces the current bearish cycle and the pair is trading just above its recent lows. The move down signals scope for an extension towards 151.10, 50% of the Dec 28 ‘23 - Jul 3 upleg. Note too that the 200-dma lies at 151.57. Clearance of both price points would reinforce the current bearish. Key short-term resistance is 157.31, the 50-day EMA.
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