GBPUSD TECHS: Unwinding A Oversold Trend Condition
- RES 4: 1.3471 High Oct 17 and a key short-term resistance
- RES 3: 1.3348 50-day EMA
- RES 2: 1.3244 20-day EMA
- RES 1: 1.3174 High Nov 7
- PRICE: 1.3162 @ 16:15 GMT Nov 7
- SUP 1: 1.3010 Low Nov 4 and 5 and the bear trigger
- SUP 2: 1.2971 1.382 proj of the Sep 17 - 25 - Oct 1 price swing
- SUP 3: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull leg
- SUP 4: 1.2877 1.618 proj of the Sep 17 - 25 - Oct 1 price swing
Recent weakness in GBPUSD reinforces current bearish conditions and the latest recovery appears corrective. The move higher is allowing an oversold trend condition to unwind. Firm short-term resistance to watch is at the 20-day EMA, at 1.3244. A resumption of the downtrend would pave the way for an extension towards 1.2971. The bear trigger lies at 1.3010, the Nov 4 and 5 low.
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USDJPY TECHS: Impulsive Bull Wave
- RES 4: 154.80 High Feb 12
- RES 3: 154.39 76.4% retracement of the Jan 10 - Apr 22 bear leg
- RES 2: 153.15 High Feb 14
- RES 1: 153.00 High Oct 8
- PRICE: 152.70 @ 16:21 BST Oct 8
- SUP 1: 150.92 High Sep 26
- SUP 2: 149.96 High
- SUP 3: 148.46 20-day EMA
- SUP 4: 147.84 50-day EMA
A bullish theme remains intact in USDJPY and this week’s gains reinforce current trend conditions. The move higher has resulted in a breach of the key medium-term resistance at 150.92, the Aug 1 high. The clear break of it confirms a resumption of the bull leg that started Apr 22. This paves the way for an extension towards 154.39, a Fibonacci retracement point. Initial support to watch lies at 150.92, the Aug 1 high.
FRANCE: Lecornu Says Macron Able To Name New PM In 48 Hours: Bloomberg
Bloomberg reports *LECORNU SAYS MACRON TO BE ABLE TO NAME NEW PREMIER IN 48 HOURS"
"“There are possibilities for a compromise in parliament,” Lecornu said on France 2 television Wednesday. “There is an absolute majority in the national assembly that rejects a new dissolution.”"
US TSY FUTURES: BLOCK: Dec'25 2Y Sale Post-Minutes
- -6,364 TUZ5 104-06.5, sell through 104-06.62 post time bid at 1403:46ET, DV01 $250,000.
- The 2Y contract trades 104-06.5 last (-1.62) vs. 104-06.38 low.
