EURGBP TECHS: Trades Through Support
* RES 4: 0.8378 High Feb 6 and a reversal trigger * RES 3: 0.8361 50.0% retracement of the Jan 20 - ...
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FED: Likely URLs For January Fed Decision
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GBPUSD TECHS: Trading Below Resistance At The 50-Day EMA
- RES 4: 1.2667 High Dec 19
- RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing
- RES 2: 1.2576 High Jan 7
- RES 1: 1.2517/23 50-day EMA / High Jan 27
- PRICE: 1.2432 @ 16:27 GMT Jan 29
- SUP 1: 1.2392/2294 20-day EMA / Low Jan 23
- SUP 2: 1.2229 Low Jan 21
- SUP 3: 1.2100 Low Jan 10 and the bear trigger
- SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing
A bull cycle in GBPUSD remains in play and the pair is trading closer to its recent highs. The 20-day EMA has been breached and attention is on the 50-day EMA, at 1.2517 and an important resistance. Clearance of the average would highlight a stronger bull cycle. Medium-term trend signals are unchanged, they remain bearish. A reversal lower would refocus attention on 1.2100, the Jan 10 low and bear trigger.
US: FED Reverse Repo Operation
RRP usage inches up to $121.842B this afternoon from $112.760B yesterday. Compares to Monday's usage of $92.863B - the lowest level since mid-April 2021. The number of counterparties rises to 35 from 28 prior.
