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Price Signal Summary - Key Resistance In GBPUSD Remains Exposed

OUTLOOK
  • In FX, a bullish theme in EURUSD remains in play and price continues to trade closer to its recent highs. The breach last week of the 50-day EMA, undermines the recent bearish theme and instead signals scope for an extension with the focus on 1.0852 next, the Jun 12 high. For bears, a resumption of weakness would refocus attention on the key support at 1.0666, Jun 26 low. Initial support to watch lies at 1.0769, the 20-day EMA.
  • GBPUSD is holding on to the bulk of its recent gains. A bullish theme remains intact. Last week’s break of resistance at 1.2740, the Jun 19 high, strengthened a bullish theme and signals scope for a climb towards 1.2860, the Jun 12 high and the next important resistance. A break would resume the uptrend that started Apr 22. Key support lies at 1.2613, the Jun 27 low. First support is at 1.2716, the 20-day EMA.
  • The trend direction in USDJPY remains up and the latest move down is considered corrective. Moving average studies are in a bull mode position, highlighting a clear rising trend. The recent breach of 160.17, the Apr 29 high, confirmed a resumption of the primary uptrend and this maintains the sequence of higher highs and higher lows. Sights are on 162.21, the 1.764 projection of the May 3 - 14 - 16 price swing. Support to watch is at the 20-day EMA, at 159.74.
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