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Price Signal Summary - Support In GBPUSD Remains Exposed

OUTLOOK
  • In FX, EURUSD conditions remain bearish and this week’s extension lower reinforces the current downtrend. The pair has traded to a fresh trend low and maintains the bearish price sequence of lower lows and lower highs. Note that support at 1.0724, the Dec 8 low, and 1.0712, 61.8% of the Oct - Dec bull leg, have been breached. This opens 1.0656 next, the Nov 10 low. Initial resistance is 1.0808, the 20-day EMA.
  • The move lower in GBPUSD from Tuesday’s high, signals the end of the recent corrective bounce. A continuation lower would open 1.2519, the Feb 5 low, where a break would confirm a resumption of the current bear cycle. Recently, the pair breached 1.2597, the Jan 17 low, to confirm a range breakout and this signals scope for a move towards 1.2500, the Dec 13 low. Initial resistance is at 1.2684, the Feb 13 high.
  • The USDJPY trend outlook remains bullish and short-term weakness is considered corrective. Recent fresh cycle highs confirm, once again, a resumption of the uptrend and note that Tuesday’s gains resulted in a break of 149.75, the Nov 22 high. This signals scope for a climb towards 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and a major resistance. Initial firm support lies at 148.27, the 20-day EMA.
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