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Price Signal Summary -GBPUSD Bulls Remain In The Driver's Seat

OUTLOOK
  • In FX, EURUSD continues to trade closer to its recent highs. Attention is on 1.1095, the Apr 26 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 1.1127, the 1.00 projection of the Mar 15 - 23 - 24 price swing. Moving average studies remain in a bull-mode condition highlighting bullish sentiment. Key S/T support has been defined at 1.0942, May 2 low. A clear break of this level would signal scope for a deeper correction.
  • The trend outlook in GBPUSD remains bullish The trend outlook in GBPUSD remains bullish and a fresh cycle high today reinforces current conditions. The pair has traded through 1.2599, the Jun 7 2022 high and this signals scope for 1.2667, the May 27 high from last year. A bullish price sequence of higher highs and higher lows remains intact and moving average studies are in a bull mode position. Support to watch is at the 20-day EMA, which intersects at 1.2461.
  • USDJPY maintains this week’s bearish theme and traded lower Thursday, extending the pullback from 137.77, the May 2 high. Price has breached the 20-day EMA and pierced support at the 50-day EMA which intersects at 133.86. A clear break of this EMA would undermine the recent bullish theme and signal scope for a deeper pullback. Key resistance is unchanged at 137.91, the Mar 8 high. Initial resistance is at 134.88, Thursday’s high.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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