EURGBP TECHS: Testing Key Support
- RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
- RES 3: 0.8656 1.0% 10-dma envelope
- RES 2: 0.8645 High Apr 23 and the bull trigger
- RES 1: 0.8561/8621 20-day EMA / High May 9
- PRICE: 0.8518 @ 06:39 BST May 24
- SUP 1: 0.8500 Key pivot support level
- SUP 2: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
- SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
- SUP 4: 0.8408 Low Aug 24 2023
EURGBP remains soft and the cross is trading closer to its recent lows. The latest impulsive bear leg has exposed a key pivot support at the 0.8500 handle, a level tested numerous times over the past twelve months. Note too that an important support zone also lies between 0.8498, Feb 14 low, and 0.8493, Aug 23 ‘23 low. A clear break of these price points would strengthen a bearish theme. Initial firm resistance is at 0.8561, the 20-day EMA.
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USDJPY TECHS: Holding On To Its Recent Gains
- RES 4: 156.47 2.00 proj of the Feb 1 - 13 - Mar 8 price swing
- RES 3: 155.29 1.764 proj of the Feb 1 - 13 - Mar 8 price swing
- RES 2: 155.00 Round number resistance
- RES 1: 154.88 High Apr 23
- PRICE: 154.88 @ 06:36 BST Apr 24
- SUP 1: 153.59 Low Apr 19
- SUP 2: 153.13/151.32 20- and 50-day EMA values
- SUP 3: 150.27 Low Mar 21
- SUP 4: 149.03 Low Mar 19
The USDJPY trend condition remains bullish and the pair and the pair is holding on to its recent gains. Moving average studies remain in a bull mode position too and this set-up continues to highlight a clear rising trend. The trend is overbought, however, this is clearly not a concern for bulls at this stage. Sights are on the 155.00 handle next. On the downside, support lies at 153.13, the 20-day EMA.
LOOK AHEAD: UK Timeline of Key Events (Times BST)
| Date | UK | Period | Event |
| 24-Apr | 1100 | Apr | CBI Industrial Trends |
| 25-Apr | 1100 | Apr | CBI Distributive Trades |
| 26-Apr | 0001 | Apr | Gfk Monthly Consumer Confidence |
| 30-Apr | 0001 | Apr | BRC Monthly Shop Price Index |
| 30-Apr | 0930 | Mar | BOE M4 / Lending to individuals |
| 30-Apr | 1200 | Asset Purchase Facility Quarterly Report 2024 Q1 | |
| 01-May | 0930 | Apr | S&P Global/ CIPS UK Final Manufacturing PMI |
| 03-May | 0930 | Apr | S&P Global/ CIPS UK Final Services/Composite PMI |
| 07-May | 0001 | Apr | BRC-KPMG Shop Sales Monitor |
| 07-May | 0930 | Apr | S&P GlobalCIPS Construction PMI |
| 09-May | 0001 | Apr | RICS House Prices |
| 09-May | 0001 | KPMG/REC Jobs Report | |
| 09-May | 1200 | Bank Of England Interest Rate | |
| 09-May | 1230 | BoE Press Conference | |
| 09-May | 1400 | BOE's Decision Maker Panel Data | |
| 10-May | 0700 | Mar | GDP/ Trade / Services/ Production/ Construction |
| 10-May | 0700 | 1Q | GDP First Estimate |
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 24-Apr | 835 | EU | ECB's Cipollone at ECB retail payments conference |
| 24-Apr | 900 | IT | ISTAT Business/Consumer Confidence |
| 24-Apr | 900 | DE | IFO Business Climate Index |
| 24-Apr | 1010 | EU | ECB's Cipollone at ECB Retail Payments Conference |
| 24-Apr | 1400 | BE | BNB Business Sentiment |
| 24-Apr | 1500 | EU | ECB's Schnabel remarks at '"Frankfurt liest ein Buch" |
| 25-Apr | 700 | DE | GFK Consumer Climate |
| 25-Apr | 745 | FR | Manufacturing Sentiment |
| 25-Apr | 800 | ES | PPI |
| 25-Apr | 800 | EU | ECB's Schnabel Speech for 'ChaMP' |
| 26-Apr | 745 | FR | Consumer Sentiment |
| 26-Apr | 900 | EU | M3 |
| 26-Apr | 900 | EU | ECB Consumer Expectations Survey |
| 26-Apr | 900 | EU | ECB's De Guindos at Academia Europea Leadership |
| 29-Apr | 800 | ES | HICP (p) |
| 29-Apr | 900 | DE | North Rhine Westphalia/ Bavaria CPI |
| 29-Apr | 1300 | DE | HICP (p) |
