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Price Signal Summary - Pullback In GBPUSD Appears To Be A Corrective

OUTLOOK
  • In FX, a bullish theme in EURUSD remains intact and the pair is trading closer to its recent highs. Price rallied sharply higher last week, extending the bull cycle that started at 1.0635 on May 31. A number of important retracement points have been cleared, reinforcing bullish conditions and this opens 1.0986, 76.4% of the Apr 26 - May 31 downleg. Clearance of this level would expose 1.1054, the May 8 high. Initial firm support is 1.0804, the Jun 15 low.
  • GBPUSD bulls remain in the driver’s seat and this week’s pullback is considered corrective. The rally last week confirmed a clear break of 1.2680, the May 10 high and a bull trigger. This strengthens bullish conditions - 1.2680 was a key M/T hurdle for bulls and opens 1.2849, a Fibonacci projection. Moving average studies remain in a bull-mode condition reflecting current conditions. Initial firm support is at 1.2630, the Jun 15 low.
  • USDJPY rallied last Friday and has traded to a fresh trend high this week. Price has breached 141.60, the top of a bull channel drawn from the Jan 16 high. The break reinforces bullish conditions and confirms a resumption of the uptrend, maintaining the bullish sequence of higher highs and higher lows. The focus is on 142.51 next, 61.8% of the Oct 16 2022 - Jan 16 bear leg. Support to watch is at 139.83, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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