GBPUSD TECHS: Bull Cycle Remains In Play
- RES 4: 1.2853 2.0% 10-dma envelope
- RES 3: 1.2811 High Dec 6 ‘24
- RES 2: 1.2767 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 1: 1.2691 High Feb 24
- PRICE: 1.2637 @ 06:24 GMT Feb 26
- SUP 1: 1.2563 Low Feb 19
- SUP 2: 1.2528 50-day EMA
- SUP 3: 1.2440 Low Feb 13
- SUP 4: 1.2333 Low Feb 11 and a key support
The trend condition in GBPUSD remains bullish and the pair is holding on to its recent gains. The latest recovery confirms a resumption of the uptrend that started Jan 13 and maintains the current sequence of higher highs and higher lows. An extension would strengthen the bullish condition and open 1.2767, the 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg. Initial firm support to watch is 1.2528, the 50-day EMA.
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LOOK AHEAD: UK Timeline of Key Events (Times GMT)
| Date | UK | Period | Event |
| 28-Jan | 0001 | Jan | BRC Monthly Shop Price Index |
| 29-Jan | 1415 | BOE's Bailey at Treasury Select Committee | |
| 30-Jan | 0930 | Dec | BOE M4/ Lending to Individuals |
| 03-Feb | 0930 | Jan | S&P Global Manufacturing PMI (Final) |
| 05-Feb | 0930 | Jan | S&P Global Services/ Composite PMI (Final) |
| 06-Feb | 0930 | Jan | S&P Global/CIPS Construction PMI |
| 06-Feb | 1200 | Bank Of England Interest Rate | |
| 06-Feb | 1230 | BOE MPR press conference | |
| 06-Feb | 1400 | Jan | Decision Maker Panel data |
| 07-Feb | 1215 | BOE's Pill at National MPC Agency briefing | |
| 11-Feb | 0001 | Jan | BRC-KPMG Shop Sales Monitor |
| 13-Feb | 0700 | Dec | GDP/ Trade/ Services/ Production/ Construction |
| 13-Feb | 0700 | Q4 | GDP First Estimate |
| 18-Feb | 0700 | Dec/Jan | Labour Market Survey |
| 19-Feb | 0001 | Jan | Brightmine pay deals for whole economy |
| 19-Feb | 0700 | Jan | Consumer inflation report |
| 19-Feb | 0700 | Jan | Producer Prices |
EURUSD TECHS: Trades Through The 50-Day EMA
- RES 4: 1.0696 50.0% retracement of the Sep 25 - Jan 13 bear leg
- RES 3: 1.0630 High Dec 06
- RES 2: 1.0574 38.2% retracement of the Sep 25 - Jan 13 bear leg
- RES 1: 1.0521 High Jan 27
- PRICE: 1.0461 @ 06:19 GMT Jan 27
- SUP 1: 1.0377 20-day EMA
- SUP 2: 1.0260 Low Jan 15
- SUP 3: 1.0178 Low Jan 13 and the bear trigger
- SUP 4: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
EURUSD remains in a short-term bull cycle - a correction. Last week’s gains resulted in a breach of the 50-day EMA, at 1.0457. The break higher strengthens short-term bullish conditions and signals scope for a continuation near-term. Sights are on 1.0574, a Fibonacci retracement point. Initial support to watch is 1.0377, the 20-day EMA. A reversal lower and a move through the EMA would signal a possible reversal.
LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)
| Date | Time | Country | Event |
| 27-Jan | 810 | EU | ECB's Lagarde lecture organised by Hungarian central bank |
| 27-Jan | 0900 | DE | IFO Business Climate Index |
| 27-Jan | 1400 | BE | BNB Business Confidence |
| 27-Jan | 1535 | EU | ECB's Lagarde remarks at IHRD occasion |
| 28-Jan | 745 | FR | Consumer Sentiment |
| 28-Jan | 900 | EU | ECB Bank Lending Survey |
| 28-Jan | 1430 | EU | ECB's Cipollone in panel on future of markets |
| 28-Jan | 1700 | EU | ECB's Lagarde to mee t with Ursula von der Leyen |
| 29-Jan | 0700 | DE | GFK Consumer Climate |
| 29-Jan | 800 | ES | GDP (p) |
| 29-Jan | 900 | EU | M3 |
| 29-Jan | 900 | IT | ISTAT Consumer/ Business Confidence |
