GBPUSD continues to climb reinforcing current bullish conditions. Last week’s move higher resulted in a print above key resistance at 1.3266, the Aug 27 high. This breach confirms a resumption of the medium-term uptrend. Note too that moving average studies are in a bull-mode position, reflecting a clear uptrend. Sights are on 1.3425 next, a Fibonacci projection point. Initial firm support is 1.3165, the 20-day EMA.
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The Treasury curve bull steepened Friday, with the short-end enjoying a strong rally after Fed Chair Powell sent a dovish message at Jackson Hole.
The sharp rally in JGB futures early August confirmed a bullish reversal and in the process cleared a number of important resistance points. A continuation higher would pave the way for a climb towards 147.74, the Jan 15 high and a bull trigger. Any exhaustion of this bullish move would see momentum shift lower, initially targeting 143.57, the Jul 17 high. A move lower would likely be a correction.