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Daily Pivots: (S1) 174.50; (P) 174.83; (R1) 175.45; More...

EUR/JPY's rally continues today and intraday bias remains on the upside. Current up trend should target 138.2% projection of 164.01 to 170.87 from 167.52 at 177.00. For now, outlook will remain bullish as long as 173.50 support holds, in case of retreat.

In the bigger picture, long term up trend is still in progress. Next target is 100% projection of 139.05 to 164.29 from 153.15 at 178.38. For now outlook will stay bullish as long as 170.7 resistance turned support holds, even in case of deep pullback.

Daily Pivots: (S1) 0.8417; (P) 0.8438; (R1) 0.8452; More....

EUR/GBP's break of 0.8430 support suggests that corrective recovery from 0.8396 has completed at 0.8498, after rejection by 55 D EMA. Intraday bias is back on the downside for 0.8396 support first. Firm break there will resume larger down trend. On the upside, above 0.8459 will delay the bearish case and turn intraday bias neutral first.

In the bigger picture, down trend from 0.9267 (2022 high) is in progress. Next target is 100% projection of 0.8764 to 0.8497 from 0.8643 at 0.8376. Sustained break there will target 161.8% projection at 0.8211 next. For now, outlook will remain bearish as long as 0.8643 resistance holds, even in case of stronger rebound.

Daily Pivots: (S1) 1.6037; (P) 1.6050; (R1) 1.6067; More...

EUR/AUD is staying in range above 1.5996 and intraday bias remains neutral. More consolidations could be seen but outlook will remain bearish as long as 1.6211 support turned resistance holds. On the downside, break of 1.5996 will target 100% projection of 1.6679 to 1.6211 from 1.6418 at 1.5950. Firm break there will target 1.5846 key support next.

In the bigger picture, fall from 1.7062 medium term top is seen as a correction to the up trend from 1.4281 (2022 low) only. Strong support is still expected between 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound. Break of 1.6148 resistance will argue that the correction has completed.

Daily Pivots: (S1) 0.9714; (P) 0.9728; (R1) 0.9757; More....

EUR/CHF is staying in range below 0.9754 and intraday bias remains neutral for the moment. Further rally is expected with 0.9639 support intact. On the upside, above 0.9754 will resume the rebound from 0.9476 to retest 0.9928 high. Nevertheless, break of 0.9639 will turn bias back to the downside for 0.9476 low instead.

In the bigger picture, rebound from 0.9252 medium term bottom might not be completed yet. But even in case of resumption, strong resistance could emerge from 1.0095 to limit upside. Medium term outlook will be neutral at best as long as 1.0094 structural resistance holds. Meanwhile, break of 0.9476 will bring retest of 0.9252 low.

Daily Pivots: (S1) 1.0817; (P) 1.0824; (R1) 1.0838; More....

Range trading continues in EUR/USD and intraday bias remains neutral. Further rally is in favor as long as 55 4H EMA (now at 1.0796) holds. On the upside, above 1.0844 will resume the rebound from 1.0665 to retest 1.0915 resistance. Firm break there will target 100% projection of 1.0601 to 1.0915 from 1.0665 at 1.0919 next. However, sustained break of 55 4H EMA will bring deeper fall back to 1.0665 support.

In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern that's still in progress. Break of 1.0601 will target 1.0447 support and possibly below. On the upside, firm break of 1.0915 resistance will start another rising leg back to 1.1138 resistance instead.

Daily Pivots: (S1) 1.2800; (P) 1.2825; (R1) 1.2872; More...

GBP/USD's break of 1.2859 suggest that rise from 1.2298 is resuming. Intraday bias is back on the upside for 61.8% projection of 1.2298 to 1.2859 from 1.2612 at 1.2959. On the downside, break of 1.2777 minor support will turn intraday bias neutral again first.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern which might still extend. Break of 1.2612 support will bring another fall to 1.2298 support and possibly below. Nevertheless, break of 1.2892 resistance will argue that larger up trend from 1.0351 might be ready to resume through 1.3141.

Daily Pivots: (S1) 0.8973; (P) 0.8987; (R1) 0.9011; More…

Intraday bias in USD/CHF remains neutral as range trading continues. As noted before, rebound from 0.8825 could have completed at 0.9049, after rejection by falling channel resistance. Below 0.8942 will bring deeper fall to 0.8825 support. Nevertheless, break of 0.9049 will revive near term bullishness and resume the rebound from 0.8825 instead.

In the bigger picture, focus remains on 0.9223/9243 resistance zone. Decisive break there would suggest larger bullish trend reversal and turn outlook bullish. Nevertheless, rejection by 0.9223/43 will keep medium term outlook neutral at best, for more range trading between 0.8332/9243 first.

Daily Pivots: (S1) 161.38; (P) 161.59; (R1) 161.93; More...

Range trading continues in USD/JPY below 161.94 and intraday bias remains neutral. Further rally is expected with 160.25 minor support intact. On the upside, break of 161.94 will resume larger up trend to 61.8% projection of 146.47 to 160.20 from 154.53 at 163.01. Nevertheless, break of 160.25 will turn bias to the downside for deeper pullback.

In the bigger picture, long term up trend is still in progress. Further rise is expected as long as 154.53 support holds. Next target is 100% projection of 127.20 (2023 low) to 151.89 (2023 high) from 140.25 at 164.94.

Daily Pivots: (S1) 1.3604; (P) 1.3623; (R1) 1.3639; More...

Intraday bias in USD/CAD remains neutral for the moment. Outlook is unchanged that corrective pattern from 1.3845 could extend. Break of 1.3589 will target 100% projection of 1.3845 to 1.3589 from 1.3790 at 1.3534. Strong support would be seen there to bring rebound. On the upside, above 1.3686 minor resistance will turn bias back to the upside for 1.3790 resistance instead.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.

UK GDP grew by 0.4% mom in May, surpassing expectations of 0.2% mom increase. The primary driver of this growth was a 0.3% mom rise in services output, which significantly contributed to the overall monthly GDP increase. Additionally, production output grew by 0.2% mom , while construction output saw a substantial jump of 1.9% mom.

On a broader scale, real GDP is estimated to have grown by 0.9% in the three months leading up to May compared to the previous three months ending in February. This growth was predominantly driven by a 1.1% increase in services output. However, production remained stagnant with no growth, and construction output declined by -0.7%.

Full UK GDP release here.