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Price Signal Summary - GBPUSD Holds On To Its Recent Gains

OUTLOOK
  • In FX, EURUSD is holding on to its recent gains but - for now - remains below the Feb 22 high. The pair has breached the 50-day EMA - at 1.0836. A clear break of it would highlight a stronger reversal. 1.0888, the Feb 22 high also represents an important resistance. A breach would open 1.0932, Jan 24 high. For bears, the shooting star pattern on Feb 22 continues to highlight a possible reversal. A stronger move lower would expose 1.0695, Feb 14 low.
  • GBPUSD traded higher again Tuesday and is holding on to its recent gains. This has exposed resistance at 1.2775, the Jan 24 high, where a break would signal scope for a climb towards the key resistance and bull trigger at 1.2827, the Dec 28 high. For bears, a reversal lower and a breach of 1.2600, the Mar 1 low, is required to once again highlight a bearish threat. This would expose the bear trigger at 1.2519, the Feb 5 low.
  • The USDJPY trend condition remains bullish and the recent pause appears to be a bull flag formation - a continuation pattern. This reinforces bullish conditions and sights are on 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance. The bull trigger is 150.89, Feb 13 high. Initial support lies at 149.21, the Feb 29 low, ahead of the 50-day EMA, at 148.51. A clear break of the average is required to signal a top.
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  • In FX, EURUSD is holding on to its recent gains but - for now - remains below the Feb 22 high. The pair has breached the 50-day EMA - at 1.0836. A clear break of it would highlight a stronger reversal. 1.0888, the Feb 22 high also represents an important resistance. A breach would open 1.0932, Jan 24 high. For bears, the shooting star pattern on Feb 22 continues to highlight a possible reversal. A stronger move lower would expose 1.0695, Feb 14 low.
  • GBPUSD traded higher again Tuesday and is holding on to its recent gains. This has exposed resistance at 1.2775, the Jan 24 high, where a break would signal scope for a climb towards the key resistance and bull trigger at 1.2827, the Dec 28 high. For bears, a reversal lower and a breach of 1.2600, the Mar 1 low, is required to once again highlight a bearish threat. This would expose the bear trigger at 1.2519, the Feb 5 low.
  • The USDJPY trend condition remains bullish and the recent pause appears to be a bull flag formation - a continuation pattern. This reinforces bullish conditions and sights are on 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance. The bull trigger is 150.89, Feb 13 high. Initial support lies at 149.21, the Feb 29 low, ahead of the 50-day EMA, at 148.51. A clear break of the average is required to signal a top.