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For the 24 hours to 23:00 GMT, the GBP marginally declined against the USD and closed at 1.2922.

On the data front, Britain's mortgage approvals for house purchases jumped to a sixteen-month high level of 68.7K in July, offering tentative signs that the nation's housing market could be picking up. In the prior month, number of mortgage approvals for house purchases had registered a revised reading of 65.3K, while investors had expected for an advance to a level of 65.5K. Meanwhile, the nation's net consumer credit rose less-than-anticipated by £1.2 billion in July, rising at its weakest pace in seven months and compared to a revised advance of £1.4 billion in the previous month. Markets were expecting net consumer credit to increase by £1.5 billion.

In the Asian session, at GMT0300, the pair is trading at 1.2911, with the GBP trading 0.09% lower against the USD from yesterday's close.

Overnight data showed that the nation's GfK consumer confidence unexpectedly improved to a level of -10.0 in August, despite gloomier economic outlook. The index had registered a reading of -12.0 in the prior month, while market participants had envisaged it to ease to a level of -13.0.

The pair is expected to find support at 1.2881, and a fall through could take it to the next support level of 1.2850. The pair is expected to find its first resistance at 1.2940, and a rise through could take it to the next resistance level of 1.2968.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

For the 24 hours to 23:00 GMT, the USD rose 0.68% against the JPY and closed at 110.34.

In economic news, data indicated that Japan's small business confidence index registered a drop to a level of 49.0 in August, compared to a level of 50.0 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 110.52, with the USD trading 0.16% higher against the JPY from yesterday's close.

Overnight data revealed that Japan's flash industrial production slid 0.8% MoM in July, more than market expectations for a drop of 0.3%. Industrial production had recorded a rise of 2.2% in the previous month.

The pair is expected to find support at 109.92, and a fall through could take it to the next support level of 109.33. The pair is expected to find its first resistance at 110.86, and a rise through could take it to the next resistance level of 111.21.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.89% against the CHF and closed at 0.9632.

On the macro front, Switzerland's ZEW economic expectations index fell to a level of 25.0 in August, compared to a reading of 34.70 in the previous month. Further, the nation's KOF leading indicator eased to a level of 104.1 in August, compared to market consensus for a drop to a level of 107.0. In the previous month, the index had registered a revised reading of 108.0.

On the other hand, the nation's UBS consumption indicator rose to a level of 1.38 in July, compared to a revised level of 1.30 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 0.9640, with the USD trading 0.08% higher against the CHF from yesterday's close.

The pair is expected to find support at 0.9571, and a fall through could take it to the next support level of 0.9501. The pair is expected to find its first resistance at 0.9678, and a rise through could take it to the next resistance level of 0.9715.

Amid no macroeconomic releases in the Switzerland today, investor sentiment will be determined by global macroeconomic events.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.9% against the CAD and closed at 1.2623.

In the Asian session, at GMT0300, the pair is trading at 1.2644, with the USD trading 0.17% higher against the CAD from yesterday's close.

The pair is expected to find support at 1.2546, and a fall through could take it to the next support level of 1.2448. The pair is expected to find its first resistance at 1.2697, and a rise through could take it to the next resistance level of 1.2750.

Ahead in the day, market participants will closely monitor Canada's crucial GDP figures for June.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

Dollar Lifts On Positive Economic Data. The latest batch of U.S. data turned out better than expected, reviving some hope for another Fed rate hike in the coming months. The greenback gained a lift after the Commerce Department said on Wednesday that its second estimate of U.S. gross domestic product showed that the economy grew at an annual 3.0 percent annual in the second quarter, the quickest in more than two years. In addition, the ADP National Employment Report showed U.S. private-sector employers hired 237,000 workers in August for the biggest monthly increase in five months, driving expectations for a solid U.S. August non-farm payrolls figure. In the wake of such solid economic indicators, market expectations for the chances of a Fed rate hike in December may start to increase and support the dollar.

Sterling Might Have To Fall Further. The pound continued to slay during the U.S. trading session as traders unwound their Brexit shorts and picked up on stronger risk-on vibes.

Dollar Edges Higher Vs Yen. The dollar and yen were back in the winners’ circle as both lower-yielding currencies managed to end positive for the session. The dollar hit a two-week high versus the yen on Thursday, extending its gains after strong U.S. economic data bolstered expectations for a solid U.S. jobs report later this week. The dollar rose to as high as 110.545 yen, its strongest level since Aug. 16. It last changed hands at 110.51 yen, up 0.2 percent from late U.S. trade on Wednesday.

Euro Nurses Losses After 0.7 Pct Drop On Wednesday. The euro nursed its wounds after falling 0.7 percent against the dollar on Wednesday in its biggest daily percentage drop against the dollar in nearly four weeks. The euro edged up 0.1 percent on the day to $1.1890, having retreated from a more than 2-1/2 year high of $1.2070 set on Tuesday.

Gold Retreats As GDP Growth Revised Up. Commodities failed to hold on to their winnings, with precious metals giving up some of their previous safe-haven gains. Gold prices fell following the release of better-than-expected second quarter GDP data.

Gasoline Rallies, Oil Ends At A More-Than-1-Month Low. The improvement in risk appetite, combined with the weakening tropical storm Harvey and a larger than expected draw in crude oil stockpiles, boosted Black Crack prices. The hurricane making landfall again in Louisiana this time and reports that refineries farther west could reopen soon knocked the prices of crude and gasoline back a bit. Traders should note that news related to ports and pipelines reopening may also influence trading going forward.

Watch Out For:

08:00 am GMT: EUR Unemployment Data
09:00 am GMT: EUR Consumer Price Index
12:30 am GMT: USD Personal Consumption Expenditure

Price is moving in a range on the Daily chart, but looks like that is poised for an upside move. The Tuesday’s candle suggests a reversal, but we still need confirmation before we can take action again. Only a valid breakout above the 0.9634 and most important above the median line (ml) will confirm a further increase towards the upper median line (uml).

USD/JPY rallied and extended the upside movement, a retest of the warning line (wl1) will confirm a further increase. Continues to move in range on the daily chart, we’ll have a clear direction once we’ll have a valid breakout from this extended sideways movement.

The next upside target will be at the confluence area formed between the 38.2% retracement level with the WL3

The price is trading in the red at this moment and could drop much deeper in the upcoming days if the dollar index will have more directional energy to resume the upside movement. EUR/USD turned to the downside after a false breakout, but we still need a confirmation that will start a broader drop on the Daily chart. The perspective is still bullish despite the minor drop as the rate is located above some important support levels.

Technically, has shown some exhaustion signs on Tuesday, but personally, I would like to see a resistance retest before the rate will move towards new lows.

You should be careful in the upcoming hours as the Euro-zone and the US are to release high impact data, the fundamental factors will take the lead, but remains to see the direction.

EUR/USD changed little today as the dollar index has posted little gains, but I hope that the Euro-zone and US data will bring life on it. Price has plunged below the upper median line (uml) of the ascending pitchfork in the yesterday’s session.

I would like if will come back to retest the upper median line (uml) before will move towards the median line (ml) of the ascending pitchfork.

Technically is expected to drop after the false breakout above the 50% Fibonacci line and above the sliding line (sl), but the outlook is bullish on the daily chart as long as is trading within the minor ascending pitchfork’s body.

GBPJPY Short Term Elliott Wave suggests that the decline to 8/23 low at 139.27 ended Minor wave W. Minor wave X bounce is currently unfolding as a double three Elliott Wave Structure. Minute wave ((w)) of X ended at 141.47, Minute wave ((x)) of X ended at 139.98, and Minute wave ((y)) of X is subdivided into a FLAT. Minutte wave (a) of ((y)) ended at 141.09 and Minutte wave (b) of ((y)) ended at 140.39. Minute wave ((y)) of X has now reached 1.236 extension of ((w))-((x)) and thus the cycle from 8/23 low (139.27) is mature. Sellers may appear anytime from 142.65 – 143.49 area for an extension lower or at least a 3 waves pullback. We don’t like buying the pair.

GBPJPY 1 Hour Elliott Wave View

Double Three is the most important pattern in Elliott wave’s new theory. It’s probably the most common pattern in the market these days. Double three is also known as a 7-swing structure. It is a very reliable pattern that gives traders a good opportunity to trade with a well-defined level of risk and target areas. The image below shows what Elliott Wave Double Three looks like. It has labels (W), (X), (Y) and an internal structure of 3-3-3. This means that all 3 legs has corrective sequences. Each (W) and (Y) is formed by 3 waves oscillation and has a structure of A, B, C or W, X, Y of smaller degrees.

Daily Pivots: (S1) 1.2535; (P) 1.2585; (R1) 1.2671; More....

USD/CAD's strong rebound and break of 1.2597 minor resistance suggests that consolidation pattern from 1.2412 has started the third leg. Intraday bias is turned back to the upside for 1.2777 resistance and above. But upside should be limited by 38.2% retracement of 1.3793 to 1.2412 at 1.2940 to bring fall resumption eventually. On the downside, break of 1.2412 will extend larger fall from 1.3793 and target next long term fibonacci level at 1.2048.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. Such corrective fall is still expected to extend to 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we'd look for strong support from there to contain downside and bring rebound. Nonetheless, on the upside, sustained break of 1.2968, 38.2% retracement of 1.3793 to 1.2412 at 1.2940 will be the first sign of completion of the correction and will turn focus back to 1.3793 key resistance.