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The British pound has staged a powerful upside rally against the US dollar, ahead of the Bank of England rate decision later today. The GBPUSD pair has a strong bullish bias while trading above the 1.2645 level and may soon test the 1.2700 level. Weakness below the 1.2645 level may trigger a sell-off in the GBPUSD, especially if the Bank of England offers dovish commentary today.

The GBPUSD pair is only bearish while trading below the 1.2645 level, key support is found at the 1.2630 and 1.2600 levels.

If the GBPUSD pair trades above the 1.2645 level, key resistance is found at the 1.2700 and 1.2745 levels.

Daily Pivots: (S1) 121.13; (P) 121.39; (R1) 121.61; More....

With 122.17 minor resistance intact, further fall is expected in EUR/JPY. Decisive break of 120.78 support will resume the larger decline from 127.50 will target 118.62 low next. On the upside, above 122.17 minor resistance delay the bearish case, turn intraday bias to the upside to extend the consolidation from 120.78.

In the bigger picture, down trend from 137.49 is still in progress with the cross staying inside long term falling channel. Break of 118.62 will extend the fall to 109.48 (2016 low). On the upside, break of 127.50 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.

The euro is moving higher against the greenback after the Federal Reserve paved the way for a July rate cut during yesterday’s monetary policy statement. The EURUSD pair has an intraday bullish bias while trading above the 1.1260 level, although upside momentum is fairly weak. Overall, EURUSD bulls need to break the 1.1290 level or the pair could return back to the 1.1225 level.

The EURUSD pair is only bearish while trading below the 1.1260 level, key technical support is found at the 1.1245 and 1.1225 levels.

If the EURUSD pair trades above the 1.1260 level, buyers may test the 1.1290 and 1.1321 levels.

Daily Pivots: (S1) 0.8860; (P) 0.8894; (R1) 0.8914; More...

Intraday bias in EUR/GBP remains neutral for the moment and some consolidations could be seen. Though, further rise is expected as long as 0.8871 minor support holds. Above 0.8974 will target 0.9101 key resistance next. However, considering bearish divergence condition in 4 hour MACD, break of 0.8871 minor support will indicate short term topping and bring deeper pull back towards 55 day EMA (now at 0.8772).

In the bigger picture, medium term decline from 0.9305 (2017 high) is seen as a corrective move. No change in this view. Current development argues that it might have completed with three waves down to 0.8472, just ahead of 38.2% retracement of 0.6935 (2015 low) to 0.9306 at 0.8400, after hitting 55 month EMA (now at 0.8527). Decisive break of 0.9101 resistance will confirm this bullish case. Nevertheless, as EUR/GBP is still staying inside long term falling channel, correction from 0.9305 could still extend to 0.8400 fibonacci level before completion, if upside is rejected by 0.9101.

Daily Pivots: (S1) 1.6267; (P) 1.6307; (R1) 1.6350; More...

Intraday bias in EUR/AUD remains neutral for consolidation below 1.6448 temporary top. Downside of retreat should be contained well above 1.6052 support to bring rise resumption. On the upside, break of 1.6448 will target 100% projection of 1.5683 to 1.6262 from 1.6052 at 1.6631 next.

In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Up trend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.

Bitcoin bulls continue to hold price above major technical support, despite a loss of upside momentum above the critical $9,000 level. The one-hour time frame is showing that the BTCUSD pair is still being held above the neckline of a bullish pattern. The $8,930 level now appears key in the short-term, while the $9,477 resistance level is major upside resistance before the $10,000 level.

The BTCUSD pair is only bullish while trading above the $8,930 level, key resistance is located at the $9,477 and $10,000 levels.

If the BTCUSD pair trades under the $8,930 level, sellers may test towards the $8,800 and $8,400 support levels.

Daily Pivots: (S1) 1.1140; (P) 1.1176; (R1) 1.1197; More...

Intraday bias in EUR?CHF remains on the downside for 1.1119 support. Firm break there will resume recent down trend and target 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962 next. On the upside, in case of another recovery, upside should be limited by 1.1264 resistance to bring fall resumption eventually.

In the bigger picture, current development firstly suggests that down trend from 1.2004 is still in progress. More importantly, it's likely a long term down trend itself, rather than a correction. Outlook will remain bearish as long as 1.1476 resistance holds. EUR/CHF could target 1.0629 support and below.

The common European currency traded above the weekly S1 at 121.16 against the Japanese Yen on Wednesday. The currency pair bounced off the support level during the first half of today's trading session.

Currently, the exchange rate is testing a resistance cluster formed by the combination of the 100-hour simple moving average and the upper boundary of a descending channel pattern at 121.62.

If the resistance line holds, the currency exchange rate could aim for a re-test of the weekly S1 at 121.16 today.

However, if the EUR/JPY pair passes the upper border of the channel pattern, bullish traders might target the 200-hour SMA at 122.14 within this session.

A breakout occurred through the upper boundary of a descending channel pattern during yesterday's trading session. The currency pair appreciated about 0.76% in value on Wednesday.

The exchange rate breached a resistance cluster formed by the 200-hour simple moving average and the 38.2% Fibonacci retracement level at 0.6905 during the first part of Thursday's trading session.

Given that the currency exchange rate has breached the resistance cluster as mentioned earlier, bullish traders might target the 50.00% Fibonacci retracement level at 0.6927 during the following trading session.

UK retail sales data for May came in mixed. No sector reported growth during the month. But the contraction was not as bad as expected.

• Retail sales including auto and fuel: -0.5% mom, 2.3% yoy versus expectation of -0.5% mom, 2.7% yoy.
• Retail sale excluding auto and fuel: -0.3% mom, 2.2% yoy versus expectation of -0.5% mom, 2.4% yoy.

Full release here.

EUR/GBP has little reaction today the data. The cross pulled back this week after ECB President Mario Draghi hinted on more monetary stimulus earlier this week. For now, it's holding on to 0.8871 minor support.