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Trend Structure in GBP/USD Remains Bearish

FOREX
MarketsStoryForeign Exchange BulletsFixed Income Bullets

The trend structure in GBPUSD remains bearish and last week’s move lower reinforces current conditions. Key support at 1.2487, the Nov 22 low, was pierced on Dec 20. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446.

  • Bullish conditions in USDJPY remain intact and last week’s strong gains reinforce current conditions. The breach of 156.75, the Nov 15 high and a bull trigger, confirms a resumption of the uptrend and opens 159.45, the Jul 12 high.
  • The trend needle in AUDUSD continues to point south and the pair is trading closer to its recent lows.Recent weakness maintains the price sequence of lower lows and lower highs.
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The trend structure in GBPUSD remains bearish and last week’s move lower reinforces current conditions. Key support at 1.2487, the Nov 22 low, was pierced on Dec 20. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446.

  • Bullish conditions in USDJPY remain intact and last week’s strong gains reinforce current conditions. The breach of 156.75, the Nov 15 high and a bull trigger, confirms a resumption of the uptrend and opens 159.45, the Jul 12 high.
  • The trend needle in AUDUSD continues to point south and the pair is trading closer to its recent lows.Recent weakness maintains the price sequence of lower lows and lower highs.