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

OUTLOOK
  • In FX, the EURUSD uptrend remains intact. Attention is on 1.1095, the Apr 26 high and bull trigger. A break 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 positive sentiment. Key short-term support has been defined at 1.0942, the May 2 low.
  • The trend outlook in GBPUSD remains bullish and a fresh cycle high today reinforces current conditions. The pair last week traded through 1.2599, the Jun 7 2022 high and the focus is on 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 1.2478.
  • USDJPY appears vulnerable near-term following last week’s bearish price action. Price has pierced support at the 50-day EMA which intersects at 133.90. A clear breach 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 firm resistance is at 136.63, last Wednesday’s high.
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