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Price Signal Summary - Trend Needle In GBPUSD Points South

  • In FX, EURUSD trend conditions remain bearish. The reversal lower from last Thursday’s high suggests the end of the recent corrective cycle and the pair is trading below the 20-day EMA - at 1.0587. Attention is on 1.0448, the Oct 3 low and a bear trigger. A break would confirm a resumption of the downtrend and open 1.0406, 50.0% of the Sep ‘22 - Jul ‘23 bull leg. On the upside, clearance of 1.0640, the Oct 12 high, would instead signal scope for a stronger correction.
  • GBPUSD trend conditions remain bearish and short-term gains are considered corrective. The pair remains below last week’s high and a continuation lower would refocus attention on support and the bear trigger at 1.2037, the Oct 4 low. Clearance of this level would confirm a resumption of the downtrend and open 1.1964, a 3.00 projection of the Jul 14 - 24 - 27 price swing. For bulls, a break of 1.2337, the Oct 11 high, would signal scope for a stronger corrective phase.
  • USDJPY is unchanged. The trend outlook remains bullish and the pair is trading closer to its recent trend highs. Attention is on the 150.00 handle and the recent 150.16 high (Oct 3). A clear break of 150.00 would reinforce bullish conditions and open 150.40, a 2.618 projection of the Jan 16 - Mar 8 - Mar 24 price swing. On the downside, clearance of 147.43, the Oct 3 low, would be a bearish development and signal scope for a deeper retracement.

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