Trend signals in GBPUSD remain bullish and the latest pullback appears to be corrective. A fresh cycle high last week, confirmed a resumption of the uptrend and an extension of the price sequence of higher highs and higher lows. This opens 1.3681 next, a Fibonacci projection. Support at 1.3466, the 20-day EMA, has been breached. A clear break of it would suggest potential for a deeper correction and expose the 50-day EMA, at 1.3306.
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JGB futures are weaker, -29 compared to the settlement levels, but above session lows.
EURUSD maintains a softer short-term tone and the pair is trading at its recent lows. Recent weakness appears corrective and key trend signals remain bullish. However, the pair has traded through the 20-day EMA and this exposes the next important support at 1.1082, the 50-day EMA. On the upside, initial resistance to watch is 1.1381, the May 2 - 6 high. Clearance of this level would signal the end of the correction.
ACGBs (YM -6.0 & XM -6.5) are sharply cheaper and near Sydney session lows.