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Price Signal Summary - GBPUSD Directional Triggers Defined

OUTLOOK
  • In FX, EURUSD found resistance this week at 1.0932 (Jan 24 high) and a bearish theme remains in play for now. 1.0822, Tuesday’s low, has been pierced. A clear break of this support would resume the current downtrend. This would open 1.0793, 50.0% retracement of the Oct - Dec bull leg. On the upside, a break of 1.0932 is required to instead signal scope for a stronger recovery. This would expose key short-term resistance at 1.0998, the Jan 5 high and a reversal trigger.
  • GBPUSD continues to trade inside its range. Key resistance is at 1.2827, the Dec 28 high, and key support lies at 1.2597, the Jan 17 low. Both levels represent important directional triggers. A clear break of 1.2827 would resume the uptrend and open 1.2881, 76.4% retracement of the Jul 14 - Oct 4 bear leg. For bears, clearance of 1.2597 would highlight a S/T reversal and signal scope for weakness towards the 1.2500 handle, the Dec 13 low.
  • The USDJPY trend outlook remains bullish and the pair is trading closer to its recent highs. Resistance at 146.41, the Jan 11 high, has recently been cleared and this confirmed a resumption of the bull cycle. Sights are on 149.16 next, 76.4% of the Nov 13 - Dec 28 bull leg. Key short-term support has been defined at 144.36, the Jan 12 low. A break of this level is required to signal a top. Initial firm support to watch lies at 146.00, the 50-day EMA.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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