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Price Signal Summary - GBPUSD Key Short-Term Resistance Remains Intact

OUTLOOK
  • In FX, the trend needle in EURUSD points south, however, a key support at 1.0778 remains intact. 1.0778 marks the base of a bull channel drawn from the Mar 15 low and represents an important pivot point. A clear channel breakout would strengthen bearish conditions and open 1.0733, Jun 12 low. Resistance at 1.0930, the 50-day EMA, has been pierced. A clear break would instead strengthen bullish conditions.
  • GBPUSD traded higher Wednesday resulting in a print above resistance at 1.2707, the 20-day EMA. The break higher exposes key resistance at 1.2819, the Aug 10 high. The trend outlook is bearish (below 1.2819) and short-term gains are considered corrective. Last week’s move lower resulted in a break of support at 1.2621, the Aug 14 low and 1.2591, the Jun 29 low. This confirms a resumption of the downtrend - the bear trigger is at 1.2548, the Aug 25 low.
  • USDJPY is consolidating. The uptrend remains intact and Tuesday’s fresh cycle high reinforces bullish conditions. Attention is on 147.49, a Fibonacci projection and the next objective. A break would open 148.40, the Nov 4 2022 high. Note that moving average studies are in a bull mode condition, reflecting current positive market sentiment. Support to watch lies at 145.01, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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