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Price Signal Summary - GBPUSD Bull Cycle Remains In Play

OUTLOOK
  • In FX, EURUSD is holding on to this week’s gains and price remains above 1.0713, the Mar 24 low. Key short-term resistance is at 1.0930, the Mar 23 high. A break of this level would reinstate the recent bull theme and signal scope for a climb towards 1.1033, the Feb 2 high. On the downside, support to watch lies at 1.0736 (20-day EMA) and 1.0693 (50-day EMA). A move through this support zone would expose the recent low at 1.0516 on Mar 15.
  • GBPUSD maintains a bullish tone. The pair has recently cleared a number of resistance points, strengthening a short-term bullish condition. Sights are on resistance at 1.2401, the Feb 2 high and 1.2448, the Jan 23 high. The latter is a key medium-term hurdle for bulls. On the downside, initial firm support lies at 1.2191, the Mar 24 low, ahead of 1.2184, the 20-day EMA. A clear break of the EMA would be a bearish development.
  • The trend direction in USDJPY remains down and this week’s gains are considered corrective. The 20-day EMA has been tested. A firmer resistance is seen at the 50-day EMA that intersects at 133.38. A clear break of this EMA would highlight a stronger reversal. On the downside, the bear trigger has been defined at 129.64. A break would resume the downtrend and open 129.12, the Feb 2 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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