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Price Signal Summary – Sell-on-Rallies Theme Dominates in GBP

OUTLOOK
  • GBPUSD maintains a sell-on-rallies theme as price failed to retain upside momentum after the 1.2269 print Tuesday. Recent weakness reinforces a S/T bearish theme and signals scope for a continuation. Sights are on the 200-dma at 1.1947.
  • USDJPY topped the key short-term level marking the 50-day EMA on Tuesday. The break above 132.77 suggests scope for an extension higher that would expose 134.77, the Jan 6 high more broadly. The more medium-term trend direction for now remains down and recent gains are considered corrective.
  • AUDUSD finished flat after a volatile Tuesday session. The uptrend remains intact for now, and the recent move lower highlights a correction that is allowing a recent overbought trend condition to unwind.
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