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Price Signal Summary - GBPUSD Clears Support To Resume Its Downtrend

OUTLOOK
  • In FX, EURUSD has traded sharply lower today and has breached support at the 20-day EMA, at 1.0587. The pair has also pierced support at 1.0528, the Dec 13 low and this exposes a key short-term support at 1.0443, the Dec 7 low. The move lower is considered corrective - for now - and the uptrend remains intact. The bull trigger has been defined at 1.0735, the Dec 15 high, where a break would confirm a resumption of the uptrend.
  • GBPUSD has traded lower today and cleared support to highlight the end of a recent period of consolidation. The short-term outlook is bearish. This follows the sharp sell-off on Dec 15 and the subsequent follow through has reinforced this theme. Attention is on the next key support at 1.1901, the Nov 30 low. This level has been tested, a clear break would signal scope for weakness towards 1.1779, the Nov 21 low. Initial resistance is at 1.2148, the Dec 22 high.
  • USDJPY has traded lower today and in the process breached support and the bear trigger at 130.58. This confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The pair has cleared the 130.00 handle, opening 129.51 next, the Jun 2 low. Key short-term resistance has been defined at 134.50, the Dec 28 high. First resistance is 131.40, today’s intraday high.
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