EURGBP TECHS: Monitoring Resistance At The 50-day EMA
- RES 4: 0.8768 High Nov 20 ‘23
- RES 3: 0.8624/0.8738 High Apr 21/ High Apr 11 and the bull trigger
- RES 2: 0.8541/8557 High May 2 / High Apr 28
- RES 1: 0.8456 50-day EMA
- PRICE: 0.8438 @ 06:36 BST May 22
- SUP 1: 0.8394 Low May 16
- SUP 2: 0.8359 1.236 proj of the Apr 11 - 16 - 21 price swing
- SUP 3: 0.8316 Low Mar 28 and a key support
- SUP 4: 0.8277 1.618 proj of the Apr 11 - 16 - 21 price swing
This week’s gains in EURGBP have resulted in a brief print above the 50-day EMA at 0.8456. For bulls, a clear break and close above the 50-day average would conclude the recent bearish phase and shift attention to 0.8541 resistance, the May 2 high. To the downside, the 0.8400 handle has been breached in recent weeks, an extension below which would open 0.8359, a Fibonacci projection.
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JPY: USD/JPY Prints Below 140 For First Time Since September
USD/JPY moves below 140.00 for the first time since September, with the greenback under pressure as U.S. policy uncertainty remains elevated (President Trump’s critique of Fed Chair Powell and ongoing trade war/reallocation headwinds provide the major sources of pressure).
- The pair hits a low of 139.93, with next support located at the 1.382 projection of the Feb 12-Mar 11-Mar 28 price swing (139.79).
- The bearish technical theme has deepened.
GBPUSD TECHS: Northbound
- RES 4: 1.3550 High Feb 24 ‘22
- RES 3: 1.3500 Round number resistance
- RES 2: 1.3434 High Sep 26 ‘24 and a key resistance
- RES 1: 1.3422 High Apr 22
- PRICE: 1.3410 @ 06:23 BST Apr 22
- SUP 1: 1.3260/3207 Low Apr 21 / High Apr 3 1
- SUP 2: 1.3075 20-day EMA
- SUP 3: 1.2907 50-day EMA
- SUP 4: 1.2807 Low Apr 10
The trend direction in GBPUSD remains up and Monday’s rally reinforces current conditions. The pair has recently breached key resistance at 1.3207, the Apr 3 high and a bull trigger. This highlights a resumption of the medium-term uptrend. Note that moving average studies are in a bull-mode position, signalling a dominant uptrend. Sights are on 1.3434 next, the Sep 26 ‘24 high. Support to watch is 1.3075, the 20-day EMA.
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 22-Apr | 1500 | EU | Consumer Confidence Indicator (p) |
| 22-Apr | 1800 | EU | ECB's De Guindos at MIT/ICADE Finance Club |
| 23-Apr | 0815 | FR | S&P Global PMI (p) |
| 23-Apr | 0830 | DE | S&P Global PMI (p) |
| 23-Apr | 0900 | EU | S&P Global PMI (p) |
| 23-Apr | 1000 | EU | Construction Production / Trade Balance |
| 23-Apr | 1100 | EU | ECB Wage Tracker |
| 23-Apr | 2015 | EU | ECB's Lane in panel on Central Bankers' Dilemmas |
| 23-Apr | 2045 | EU | ECB's Cipollone in panel on Tokenization |
| 24-Apr | 0745 | FR | Consumer Sentiment |
| 24-Apr | 0800 | ES | PPI |
| 24-Apr | 0900 | DE | IFO Business Climate Index |
| 24-Apr | 1400 | BE | BNB Business Confidence |
| 24-Apr | 1400 | EU | ECB's Lane at Peterson Institute Webcast |
