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Price Signal Summary - GBPUSD Trend Needle Points North

OUTLOOK
  • In FX, recent price action in EURUSD appears to be a flag - a bullish continuation pattern that reinforces current bullish conditions. Last week's rally resulted in a bear channel breakout - price cleared the top of a channel drawn from the Dec 28 high and the break confirms a stronger reversal. Sights are on 1.0933 next, 61.8% of the Dec 28 - Apr 16 bear leg. Initial firm support lies at 1.0788, the 50-day EMA.
  • A bullish trend condition in GBPUSD remains intact and the pair is trading closer to its recent highs. The break last week of 1.2634, the May 3 high, confirmed a resumption of the current bull cycle and this opened 1.2754, 76.4% of the Mar 8 - Apr 22 bear leg. It was pierced yesterday, a clear break would expose 1.2803, the Mar 21 high. Initial firm support lies at 1.2592, the 50-day EMA.
  • USDJPY is holding on to its most recent gains. The pair has traded through resistance at 156.74, the May 14 high and attention turns to 157.00, 61.8% of the Apr 29 - May 3 sell-off. A breach of this level would open 157.99, the May 1 high. For bears, a reversal lower would refocus attention on 153.78, the 50-day EMA, and 152.85, trendline support drawn from the Dec 28 low. Clearance of these two price points would strengthen a bearish threat.
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