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Price Signal Summary - GBPUSD Bull Cycle Extends

OUTLOOK
  • In FX, the trend condition in EURUSD is bullish and sights are on 1.1005, Aug 11 high and 1.1065, the Aug 10 high and a key resistance. MA studies are in a bull-mode position, highlighting positive market sentiment. Note that the 14-day RSI has spilled over 70, flagging a technically overbought condition in the pair, partially alleviated by yesterday’s move lower. A corrective pullback would unwind this condition. Initial support lies at 1.0825, Nov 17 low.
  • The trend outlook in GBPUSD remains bullish and the pair has traded to a fresh short-term cycle high today. This week’s gains have resulted in a breach of 1.2506, the Nov 14 high. The break confirms a resumption of the uptrend and maintains a positive price sequence of higher highs and higher lows. Sights are on 1.2589, 50.0% of the Jul 14 - Oct 4 bear leg. On the downside, initial support to watch has been defined at 1.2374, the Nov 17 low.
  • USDJPY remains above this week’s low. Attention is on Tuesday’s price pattern - a dragonfly doji candle - that highlights a potential reversal and the end of the recent corrective move down. If correct, it signals scope for a rally that would expose key resistance at 151.95, the Oct 21 2022 high. On the downside, a break of Tuesday's 147.15 low, would cancel the pattern and instead expose 146.19, trendline support drawn from the Mar 24 low.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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