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Price Signal Summary - GBPUSD Bull Cycle Extends

OUTLOOK
  • In FX, EURUSD is trading closer to last week’s highs and the current consolidation appears to be a flag - a bullish continuation pattern. The trend direction remains up following recent gains. Last week's rally resulted in a bear channel breakout - price cleared the top of a channel drawn from the Dec 28 high and the break confirms a stronger reversal. Sights are on 1.0933 next, 61.8% of the Dec 28 - Apr 16 bear leg. Initial firm support lies at 1.0787, the 50-day EMA.
  • GBPUSD maintains a bullish tone and the pair has traded higher today. The break last week of 1.2634, the May 3 high, confirmed a resumption of the current bull cycle and opened 1.2754, 76.4% of the Mar 8 - Apr 22 bear leg. It has been pierced, a clear break would expose 1.2803, the Mar 21 high. Initial firm support lies at 1.2587, the 50-day EMA.
  • USDJPY is holding on to its most recent gains. For bears, the pullback from 156.74, May 14 high, continues - for now - to signal the end of the corrective phase between May 3 - 14, and a possible resumption of a short-term bearish cycle. Attention is on 153.66, the 50-day EMA, and 152.73, trendline support drawn from the Dec 28 low. Clearance of these two price points would strengthen a bearish threat. 156.74 is the resistance to watch.
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