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

OUTLOOK
  • In FX, EURUSD attention is on 1.0811, the 50-day EMA, which was pierced yesterday. A clear break of this average would signal scope for an extension higher and open 1.0865, a Fibonacci retracement. Note that the trend condition remains bearish and the latest bounce still appears to be a correction. A failure at the 50-day EMA and a reversal lower would open 1.0635, May 31 low and the bear trigger. First support is 1.0733, the Jun 12 low.
  • Yesterday’s move lower in GBPUSD traded higher Tuesday to confirm an extension of the current bull cycle and the pair remains firm today. 1.2592, 76.4% of the May 10 - 25 downleg, has been breached. This signals scope for a climb towards key resistance at 1.2680, the May 10 high. A break of this hurdle would confirm a resumption of the longer-term uptrend that started Sep 26 last year. Initial firm support has been defined at 1.2369, Jun 5 low. First support is 1.2482, the 20-day EMA.
  • USDJPY traded higher yesterday but remains inside its recent range. The trend condition is bullish and attention ison key resistance at the top of a bull channel drawn from the Jan 16 low, which intersects at 141.35 today. A clear break of this hurdle would be bullish and open 141.61, the Nov 23 2022 high. For bears, a strong reversal lower would instead highlight a potential top. Support is at 138.93, the 20-day EMA.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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