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Price Signal Summary - Key GBPUSD Resistance Remains Exposed

  • In FX, EURUSD remains below last week’s 1.0926 high. Resistance at 1.0930 is intact - for now - the Mar 23 high. This level represents a key short-term hurdle for bulls and a break would reinstate the recent bull theme and open 1.1033, the Feb 2 high. On the downside, support to watch lies at 1.0761 (20-day EMA) and 1.0706 (50-day EMA). A move through this support zone would be bearish.
  • Short-term weakness in GBPUSD is considered corrective and support to watch lies at 1.2216, the 20-day EMA. A clear break of this average would signal scope for a deeper pullback. Recent gains have exposed resistance at 1.2448, Jan 23 high and a key hurdle for bulls. A break would highlight a 3 months range breakout and strengthen bullish conditions.
  • The trend direction in USDJPY remains down and last week’s gains are considered corrective. However, the 50-day EMA has been tested, it intersects at 133.34 and represents a key S/T hurdle for bulls. A clear break would alter the picture and suggest scope for a stronger recovery. This would open 133.77, a Fibonacci retracement. On the downside, the bear trigger is at 129.64, the Mar 24 low. A break would resume the downtrend. Initial support lies at 132.21, the Mar 3.

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