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Price Signal Summary - GBPUSD Trend Needle Points North

OUTLOOK
  • In FX, EURUSD is unchanged and is trading closer to its recent lows. The latest pullback is considered corrective, with prices remaining above the trendline - at 1.0893 today - drawn off the Nov 1 low. MA studies are in a bull mode position, highlighting an uptrend. Support to watch is 1.0877, Friday’s low - a clear break would be a bearish development. The bull trigger is 1.1139, the Dec 28 high.
  • The trend outlook in GBPUSD remains bullish and the pair is holding on to its most recent gains. Attention is on resistance at 1.2827, the Dec 28 high and a bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 1.2881, 76.4% of the Jul 14 - Oct 4 bear leg. Initial firm support lies at 1.2611, Jan 2 low.
  • The move lower in USDJPY from last Friday’s high means that resistance around the 50-day EMA - at 145.28 - remains intact for now. Trend signals remain bearish and the recent impulsive rally appears to be a correction. A continuation lower would refocus attention on 140.25, the Dec 28 low. Resistance to watch is 145.97, Friday’s high. A break of this level would be a bullish development.
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