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Price Signal Summary GBPUSD Maintains A Bullish Tone Ahead Of The 1.2448 Key Resistance

  • In FX,EURUSD traded higher Thursday and price is near initial resistance at 1.0930, the Mar 23 high. This level represents a key short-term hurdle for bulls and a break would reinstate the recent bull theme and signal scope for a climb towards 1.1033, the Feb 2 high. On the downside, support to watch lies at 1.0752 (20-day EMA) and 1.0701 (50-day EMA). A move through this support zone would be bearish and expose 1.0516 on Mar 15.
  • GBPUSD maintains a bullish tone for now and the pair has traded higher again today. Price has breached resistance at 1.2401, the Feb 2 high and attention is on 1.2448, the Jan 23 high. The latter is a key medium-term hurdle for bulls. On the downside, initial firm support lies at 1.2203, the 20-day EMA. A clear break of this average would be seen as a short-term bearish development.
  • The trend direction in USDJPY remains down and this week’s gains are considered corrective. The 50-day EMA has been tested, it intersects at 133.36 and represents a key short-term hurdle for bulls. A clear break, if seen, would alter the S/T picture and suggest scope for a stronger recovery. This would open 133.77, a Fibonacci retracement. On the downside, the bear trigger has been defined at 129.64. A break would resume the downtrend.

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