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Price Signal Summary - GBPUSD Reversal Extends

OUTLOOK
  • In FX, a bull theme in EURUSD has reversed lower from Thursday’s intraday high. The pair has breached minor support at 1.0835, the Mar 19 low. This reinstates a recent bearish threat and a continuation lower would signal scope for weakness towards 1.0796, the Feb 29 low. A break of this level would strengthen a bearish threat and open 1.0695, the Feb 14 low. On the upside, clearance of yesterday’s 1.0943 high is required to expose key resistance at 1.0981, the Mar 8 high.
  • A sharp sell-off in GBPUSD yesterday and today’s extension, has strengthened a S/T bearish threat. The pair has breached 1.2600, the Mar 1 low and this paves the way for a move towards 1.2536, the Feb 14 low and 1.2519, the Feb 5 low and a key support. Moving average studies continue to highlight an uptrend. A break of Thursday’s 1.2803 high is required to ease bearish pressure. First resistance is at 1.2724, the 20-day EMA.
  • USDJPY trend condition remains bullish and this week’s gains reinforce current conditions. Price has cleared key resistance at 150.89, the Feb 13 high, to confirm a resumption of the uptrend. Sights are on 151.91 and 151.95, the Nov 13 high and Oct 1 ‘22 highs respectively. A break of this resistance would confirm a resumption of the long-term uptrend and open 152.66, the 1.236 projection of the Feb 1 - 13 - Mar 8 price swing. Initial firm support is 149.50, 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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