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Price Signal Summary - GBPUSD Remains Above Support

OUTLOOK
  • In FX, EURUSD traded to a fresh short-term trend low Tuesday. A bearish theme remains intact. The recent break of a trendline drawn from the Nov 1 low, signals scope for a continuation of the current bear cycle. A resumption of weakness would open 1.0793, 50.0% of the Oct - Dec bull leg. Firm resistance is at 1.0998, Jan 5 high. A breach would signal a reversal. Initial resistance is 1.0921, the 20-day EMA.
  • GBPUSD continues to trade above 1.2597, Jan 17 low. The pair has recently pierced support at 1.2611, the Jan 2 low and traded below the 50-day EMA, at 1.2630. The latest recovery is a bullish development, however, a clear breach of 1.2630/11 would highlight a S/T top and signal scope for a deeper retracement, opening 1.2500, Dec 13 low. For bulls, key resistance to watch is 1.2827, Dec 28 high. A break resumes the uptrend.
  • USDJPY bulls remain in the driving seat for now and short-term pullbacks are considered corrective. Last week’s move higher reinforces current conditions. Resistance at 146.41, the Jan 11 high, has 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. Initial firm support lies at 145.86, the 50- day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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