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Price Signal Summary - GBPUSD Clears Resistance To Resume Its M/T Uptrend

OUTLOOK
  • In FX, EURUSD traded higher Monday. The pair has breached resistance at 1.1012, the Jun 22 high, to confirm a resumption of the uptrend that started May 31. Moving average studies remain in bull-mode position reinforcing current trend conditions. The focus is on 1.1054 next, the May 8 high, ahead of key resistance at 1.1095, the Apr 26 high. On the downside, initial firm support lies at 1.0898, the 20-day EMA.
  • GBPUSD traded higher Monday, starting the week on a firmer note and the pair is climbing today. Price has breached resistance at 1.2848, the Jun 16 high to confirm a resumption of the medium-term uptrend. This maintains the price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position. The break opens 1.2977, the 0.764 projection of the Mar 8 - May 10 - May 25 price swing. Initial firm support lies at 1.2704, the 20-day EMA.
  • USDJPY maintains a bearish tone and the pair is trading lower today. Price has breached the 20-day EMA and cleared support at 142.29, the former bull channel top drawn from the Jan 16 low. Attention is on support at the 50-day EMA that intersects at 140.34. A clear break of this average would strengthen bearish conditions and open 139.85, the Jun 16 low and the area around the 50-day simple MA. Initial resistance is at 143.01, yesterday’s high.
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