MNI: US NOV FINAL MANUF PMI 49.7 (FLASH 48.8); OCT 48.5

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI NBP WATCH: Another Policy Hold, Dovish Communications Tilt

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

EZ/UK T-Bill Calendar: Spain, Belgium, ESM Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: US OCT CONSTRUCT SPENDING +0.4%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - GBPUSD Corrective Cycle Remains In Play

OUTLOOK
  • In FX, EURUSD is trading above last Thursday’s low. A bull theme remains intact following recent gains and the breach of a key short-term resistance at 1.0948, Jul 17 high. The move higher confirmed a resumption of the uptrend and opens 1.1012 next, 76.4% of the Dec 28 ‘23 - Apr 16 downleg. Moving average studies are in a bull-mode set-up too, highlighting a rising trend. A pullback would be considered corrective. Initial support to watch lies at 1.0881, the 20-day EMA.
  • GBPUSD is trading higher today and this has resulted in a print above resistance around the 20-day EMA, at 1.2798. A clear break of this average would signal scope for a stronger short-term retracement and open 1.2863 initially, the Aug 1 high. Current gains are considered corrective, a resumption of weakness would refocus attention on the recent Aug low of 1.2665. A break of this level would resume the bear cycle that started Jul 17.
  • USDJPY remains bearish and the recent impulsive sell-off has strengthened the trend condition. The move down signals scope for an extension towards the next key support at 140.25, Dec 28 ‘23 low. Note that the bear cycle remains in an extreme oversold condition, and the latest recovery - a correction - is allowing this set-up to unwind. Initial firm resistance is seen at 150.73, the 20-day EMA. The bear trigger is 141.70, the Aug 5 low.
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.