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Price Signal Summary - GBPUSD Bull Cycle Extends

OUTLOOK
  • In FX, EURUSD is trading at last week’s high. The pair has pierced initial resistance at 1.0779, the Jun 2 high. A clear break of this level would improve short-term conditions for bulls and allow for a stronger correction. This would expose resistance at the 50-day EMA, at 1.0814, and a clear break of the EMA would further strengthen a bullish theme. A reversal lower would refocus attention on 1.0635, the May 31 and bear trigger.
  • GBPUSD is trading higher again today. Resistance at 1.2545, the Jun 2 high, was cleared last week, and today’s gains have resulted in a print above 1.2592, 50.0% of the Mar 8 - May 10 bull run. A clear break of this level would expose key resistance at 1.2680, the May 10 high. Initial firm support has been defined at 1.2369, the Jun 5 low. A break would reinstate a bearish theme. First support is at 1.2464, the 20-day EMA.
  • The trend condition in USDJPY remains bullish. Attention is on key resistance at the top of a bull channel drawn from the Jan 16 low. The line intersects at 141.25. A clear break of this hurdle would reinforce a bullish theme and open 141.61, the Nov 23 2022 high. For bears, a strong reversal lower would instead highlight a potential top plus signal scope for a deeper pullback. Key support to watch is 138.71, the 20-day EMA.
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