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Slovak ECB Governing Council member Peter Kazimir signaled a possible end to the current easing cycle, writing in an opinion piece today that "we're nearly done with, if not already at the end of, the easing cycle."

While acknowledging the potential for weaker-than-expected economic growth in the eurozone, Kazimir emphasized the importance of staying focused on inflation to, which he warned could surprise to the upside.

Looking ahead, Kazimir stressed the need for flexibility, noting that "incoming data throughout the summer will provide a clearer picture and guide our decisions on whether further fine-tuning is needed."

GBP/USD is attempting a fresh increase above the 1.3500 resistance. EUR/GBP declined steadily below the 0.8440 and 0.8430 support levels.

Important Takeaways for GBP/USD and EUR/GBP Analysis Today

• The British Pound is attempting a fresh increase above 1.3515.
• There was a break above a key bearish trend line with resistance at 1.3535 on the hourly chart of GBP/USD at FXOpen.
•  EUR/GBP is trading in a bearish zone below the 0.8450 pivot level.
• There is a connecting bullish trend line forming with support at 0.8415 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair declined after it failed to clear the 1.3615 resistance. The British Pound even traded below the 1.3575 support against the US Dollar.

Finally, the pair tested the 1.3500 zone and is currently attempting a fresh increase. The bulls were able to push the pair above the 50-hour simple moving average and 1.3540. There was a break above a key bearish trend line with resistance at 1.3535.

The pair tested the 50% Fib retracement level of the downward move from the 1.3616 swing high to the 1.3507 low. It is now showing positive signs above 1.3540.

On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.3575 and the 61.8% Fib retracement level of the downward move from the 1.3616 swing high to the 1.3507 low.

The next major resistance is near 1.3590. A close above the 1.3590 resistance zone could open the doors for a move toward 1.3615. Any more gains might send GBP/USD toward 1.3650.

On the downside, immediate support is near the 1.3515. If there is a downside break below 1.3515, the pair could accelerate lower. The first major support is near the 1.3500 level. The next key support is seen near 1.3450, below which the pair could test 1.3420. Any more losses could lead the pair toward the 1.3350 support.

EUR/GBP Technical Analysis

On the hourly chart of EUR/GBP at FXOpen, the pair started a fresh decline from well above 0.8460. The Euro traded below the 0.8440 and 0.8430 support levels against the British Pound.

The EUR/GBP chart suggests that the pair even declined below the 0.8420 level and tested 0.8415. It is now consolidating losses and trading below the 50-hour simple moving average. However, there is a connecting bullish trend line forming with support at 0.8415.

The pair is now facing resistance near the 50% Fib retracement level of the downward move from the 0.8442 swing high to the 0.8416 low at 0.8430.

The next major resistance could be 0.8440. The main resistance is near the 0.8450 zone. It coincides with the 1.236 Fib extension level of the downward move from the 0.8442 swing high to the 0.8416 low.

A close above the 0.8450 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8480. Any more gains might send the pair toward the 0.8500 level.

Immediate support sits near 0.8415. The next major support is near 0.8405. A downside break below the 0.8405 support might call for more downsides. In the stated case, the pair could drop toward the 0.8380 support level.

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On Friday, the Dow Jones Industrial Average (Wall Street 30 mini on FXOpen) climbed above the 42,950 level — a high not seen since early March.

The index has gained around 1.6% since the beginning of June.

Why Is the Dow Jones Rising?

→ Friday’s US jobs report helped ease concerns about the country’s economic outlook. According to ForexFactory, Non-Farm Employment Change came in at +139K, beating the forecast of +126K.

→ On Thursday, Donald Trump and Chinese President Xi Jinping held a call, easing tariff tensions. Market participants also welcomed news that officials may hold trade negotiations in London on 9 June.

Could the DJIA (Wall Street 30 mini on FXOpen) Rally Continue?

Technical Analysis of the Dow Jones Chart

The chart suggests that the 42,950 level is acting as a significant resistance. The price has repeatedly reversed from the 42,660–42,950 area (as shown by the arrows).

At the same time:

→ Friday’s move above 42,950 triggered selling pressure, forming a candlestick with a long upper shadow;

→ This may have been a false bullish breakout of the May high;

→ The price remains within an ascending channel (shown in blue), but the bounces off the lower boundary appear weak.

Given this setup, it is reasonable to assume that intensified bearish activity near 42,950 on the USA30 could lead to a breakout below the channel’s lower boundary.

Additional pressure on the Dow Jones Industrial Average (Wall Street 30 mini on FXOpen) may come from developments in California, where protests have erupted against immigrant deportations, with President Donald Trump and Governor Gavin Newsom trading accusations.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Daily Pivots: (S1) 195.00; (P) 195.59; (R1) 196.53; More...

Intraday bias in GBP/JPY Remains neutral first. Further rise is in favor as long as 191.86 support holds. Firm break of 196.38 will resume whole rally from 184.35 to 199.79 resistance, and possibly further to 100% projection of 180.00 to 199.79 from 184.35 at 204.14.

In the bigger picture, price actions from 208.09 are seen as a correction to rally from 123.94 (2020 low). Strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. However, sustained break of 175.94 will bring deeper fall even still as a correction.

Daily Pivots: (S1) 164.33; (P) 164.81; (R1) 165.51; More...

Intraday bias in EUR/JPY stays on the upside at this point. Decisive break of 165.19 will resume whole rally from 154.77 to 166.67 resistance, and possibly further to 61.8% retracement of 175.41 to 154.77 at 167.38. For now, near term outlook will stay mildly bullish as long as 162.87 support holds, in case of retreat.

In the bigger picture, price actions from 175.41 are seen as correction to up trend from 114.42 (2020 low). Strong support should be seen from 38.2% retracement of 114.42 to 175.41 at 152.11 to contain downside. However, sustained break of 152.11 will bring deeper fall even still as a correction.

Daily Pivots: (S1) 0.8414; (P) 0.8428; (R1) 0.8440; More...

Intraday bias in EUR/GBP remains neutral at this point. On the upside, above 0.8448 will bring stronger rebound to 38.2% retracement of 0.8737 to 0.8354 at 0.8500. On the downside, below 0.8401 will bring retest of 0.8354 low.

In the bigger picture, price actions from 0.8221 medium term bottom are merely forming a corrective pattern. Nevertheless, there is no clear momentum to break through 0.8201 key support (2022 low) yet. Hence, range trading is expected between 0.8221/8737 for now.

Daily Pivots: (S1) 1.7519; (P) 1.7566; (R1) 1.7598; More...

Intraday bias in EUR/AUD remains neutral for the moment. On the upside, decisive break of 38.2% retracement of 1.8554 to 1.7245 at 1.7745 will solidify the case that fall from 1.8554 has completed as a corrective move. Next target is 61.8% retracement at 1.8054. On the downside, however, break of 1.7460 support will bring retest of 1.7245 instead.

In the bigger picture, with 55 W MACD staying well below signal line, 1.8554 is likely a medium term top already. Price actions from there are seen as a corrective pattern only. While deeper pullback might be seen, downside should be contained by 38.2% retracement of 1.4281 (2022 low) to 1.8554 at 1.6922 to bring rebound. Up trend from 1.4281 is still expected to resume at a later stage.

Daily Pivots: (S1) 0.9352; (P) 0.9380; (R1) 0.9396; More....

Intraday bias in EUR/CHF stays neutral for the moment. Price actions from 0.9445 are seen as a triangle consolidation pattern, and thus rise from 0.9218 is not finished. Break of 0.9419 will argue that the rise, either as a correction to fall from 0.9660, or the third leg of the pattern from 0.9204, is ready to resume through 0.9445. Nevertheless, on the downside, firm break of 0.9291 will bring retest of 0.9218 low.

In the bigger picture, prior rejection by long-term falling channel resistance (now at 0.9527) retains medium term bearishness. That is, down trend from 1.2004 (2018 high) is still in progress. Firm break of 0.9204 (2024 low) will confirm resumption. This will remain the favored case as long as 0.9660 resistance holds.

Daily Pivots: (S1) 1.1359; (P) 1.1409; (R1) 1.1445; More...

Intraday bias in EUR/USD stays neutral at this point. Price actions from 1.1572 are seen as a corrective pattern to rally from 1.0716. While rebound from 1.1064 might extend, strong resistance should emerge from 1.1572 to limit upside. On the downside, break of 1.1356 support will argue that the correction is already in the third leg, and target 1.1209 support for confirmation.

In the bigger picture, rise from 0.9534 long term bottom could be correcting the multi-decade downtrend or the start of a long term up trend. In either case, further rise should be seen to 100% projection of 0.9534 to 1.1274 from 1.0176 at 1.1916. This will now remain the favored case as long as 55 W EMA (now at 1.0894) holds.

Daily Pivots: (S1) 143.77; (P) 144.43; (R1) 145.50; More...

Intraday bias in USD/JPY remains neutral for the moment. On the upside, above 146.27 resistance will argue that price actions from 148.64 has completed as a corrective pattern. Intraday bias will be back on the upside for 148.64 resistance and above to resume the rebound from 139.87 low. However, firm break of 142.10 will bring retest of 139.87 instead.

In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low), with fall from 158.86 as the third leg. Strong support should be seen from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound. However, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.