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Price Signal Summary - GBPUSD Remains Above Support

OUTLOOK
  • In FX, EURUSD remains soft. The pair traded sharply lower Friday and extended losses on Monday. Price has breached key short-term support at 1.0788, the May 30 low. The move lower undermines the recent bullish theme and signals scope for a deeper pullback. Sights are on 1.0724, the May 9 low and 1.0675 further out, 76.4% of the Apr 16 - Jun 4. Initial resistance is seen at 1.0810, the 50-day EMA.
  • The GBPUSD trend condition remains bullish and for now, the latest pullback appears to be a correction. Support at 1.2713, the 20-day EMA, has been cleared and attention turns to the next key support at 1.2656, the 50-day EMA. A break of this average would undermine the uptrend and signal scope for a deeper retracement. The bull trigger is unchanged at 1.2817, the Jun 4 high. Clearance of this level would open 1.2859, 1.236 projection of the Apr 22 - May 3 - 9 price swing.
  • The trend outlook in USDJPY is bullish and the recovery from the Jun 6 low signals the end of the recent corrective phase. This week’s move higher is a positive development too. Note that a key support zone, between 154.92, the 50-day EMA, and 154.41, a trendline drawn from the Dec 28 low, remains in place. A clear break of this zone would highlight a reversal. For bulls, a move above 157.71, the May 29 high, would resume a short-term uptrend.
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