The trend condition in GBPUSD is unchanged and remains bullish. Recent fresh fresh cycle highs and a print above 1.2801, the May 29 high, confirms a resumption of the uptrend and an extension of the rising price sequence of higher highs and higher lows. Moving average studies remain in a bull-mode position, reinforcing current trend conditions. Sights are on 1.2859, a Fibonacci projection. Initial support to watch is 1.2702, the 20-day EMA.
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JGB futures sit close to session highs in latest dealings. We were last 144.63, +.34.
GBPUSD traded higher last Friday resulting in a break of the 50-day EMA, at 1.2571. A clear breach of the average would strengthen a short-term bullish set-up and signal scope for a stronger correction near-term. Scope is seen for a climb towards 1.2667, a Fibonacci retracement. Firm support has been defined at 1.2466, the May 1 low. Clearance of this level would reinstate a bearish threat.
Asian markets are higher today, with South Korea and Japan both returning from breaks. South Korean equities are the top performing today as tech stocks traded up 1% overnight, with the market bringing forward rate cut expectations to November from December. Locally, focus today has been on the RBA where left rates on hold as widely expected. The RBA also stuck to the line of not ruling anything in or out. The forecast profile sees higher inflation in the near term but still returning to target by end 2025 and the mid point 2026, elsewhere Philippines CPI was below consensus.