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Price Signal Summary - GBPUSD Pierces A Key Short-Term Support

OUTLOOK
  • In FX, the short-term trend condition in EURUSD remains bearish and gains appear to be a correction. The recent breach of support at 1.0720, the Jun 11 low, strengthens a bearish theme and note too that 1.0675, 76.4% of the Apr 16 - Jun 4 bull leg, has been pierced. A clear break of this level would open 1.0650 next, the May 1 low. Key short-term resistance is at 1.0852, the Jun 12 high. Initial firm resistance is at 1.0790, the 50-day EMA.
  • The recent sell-off in GBPUSD is a concern for bulls and Thursday’s move down reinforces a S/T bearish threat. Key support to watch lies at 1.2674, the 50-day EMA. It has again been pierced, a clear break would undermine a recent bullish theme and signal scope for a deeper correction, opening 1.2584, May 15 low. For bulls, a reversal higher and a break of 1.2860, Jun 12 high, resumes the uptrend. Initial resistance is 1.2740, the Jun 19 high.
  • The trend signal in USDJPY is unchanged, it remains bullish and the pair has traded higher this week. A number of important short-term resistance points have been cleared. Most recently, price has breached 158.21, 76.4% of the Apr 29 - May 3 sell-off. The clear break of this price point signals scope for a move towards 160.17, the Apr 29 high and the key resistance. Initial support is 157.07, the 20-day EMA.
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