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Price Signal Summary - GBPUSD Clears Key Resistance

OUTLOOK
  • In FX,EURUSD rallied sharply higher Thursday. A number of important retracement points have been cleared, reinforcing bullish conditions and this signals scope for an extension towards 1.0986, 76.4% of the Apr 26 - May 31 downleg. A break of this level would open 1.1054, the May 8 high. Initial firm support is Thursday’s low of 1.0804.
  • GBPUSD traded sharply higher Thursday. The rally has confirmed a clear break of the 1.2680 former resistance, the May 10. The breach strengthens bullish conditions and opens 1.2849, the 0.618 projection of the Mar 8 - May 10 - May 25 price swing . Initial support is at Thursday’s 1.2630 low.
  • USDJPY traded higher Thursday but failed to hold on to its gains. The trend condition is bullish and attention remains on key resistance at the top of a bull channel drawn from the Jan 16 low, which intersects at 141.45. It has been tested, a clear break of this hurdle would be bullish and open 141.61 next, the Nov 23 2022 high. Support to watch is at 139.16, the 20-day EMA.

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