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Price Signal Summary - GBPUSD Sell-Off Exposes Key Support At The 50-Day EMA

OUTLOOK
  • In FX, the reversal in EURUSD from Wednesday’s high has resulted in a break of support at 1.0720, the Jun 11 low. This strengthens a bearish theme. Note too that today’s sell-off has resulted in a print below 1.0675, 76.4% of the Apr 16 - Jun 4 bull leg. A clear break of this level would signal scope for an extension towards 1.0650 next, the May 1 low. Key short-term resistance has been defined at 1.0852, Wednesday’s high.
  • The GBPUSD trend condition remains bullish, however, the pair has pulled back from this week’s high. Attention is on key short-term support at 1.2669, the 50-day EMA. A clear break of this average would undermine the bullish theme and signal scope for a deeper correction. This would open 1.2510 initially, the May 14 low. For bulls, a reversal higher and a break of 1.2860, the Jun 12 high, resumes the uptrend.
  • The trend signals in USDJPY remains bullish and today’s initial gains reinforces this condition. An important resistance at 157.71, the May 29 high, has been cleared. This confirms a resumption of the S/T bull cycle and price has also pierced 158.21, 76.4% of the Apr 29 - May 3 sell-off. A clear break of this price point would strengthen current conditions and open 160.17, the Apr 29 high and key resistance. Initial support is 156.42, the 20-day EMA.
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