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The British pound has turned short-term bearish against the US dollar, with the pair falling below major weekly technical support. If GBPUSD sellers maintain price below the 1.3100 level, the pair could continue to weaken towards the 1.2955 level. The MACD indicator on the daily time frame is turning lower and is signaling that downside selling pressure is gathering pace.

The GBPUSD pair is intraday bearish while trading below the 1.3100 level, key technical support is found at the 1.3055 and 1.3000 levels

If the GBPUSD pair trades above the 1.3100 level, buyers may test towards the 1.3130 and 1.3190 resistance levels.

Daily Pivots: (S1) 1.3038; (P) 1.3112; (R1) 1.3156; More....

With 1.3184 minor resistance intact, intraday bias in GBP/USD remains on the downside for trend line support (now at 1.2968). Decisive break there will add to the case of near term reversal and target 1.2773 support for confirmation. On the upside, above 1.3184 minor resistance will turn bias back to the upside for 1.3350 instead.

In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is now seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will turn focus back to 1.2391 low and then 1.1946.

The euro has fallen sharply lower against the US dollar after ECB President Mario Draghi lowered eurozone growth forecasts for the rest of 2019. The EURUSD pair tumbled to a multi-year trading low, with the 1.1120 level the next key support zone to watch below the 1.1200 level. The EURUSD is likely to remain under extreme selling pressure while trading below the 1.1215 support level.

The EURUSD pair is strongly bearish while trading below the 1.1215 level, key technical support is found at the 1.1180 and 1.1120 levels.

If the EURUSD pair moves above the 1.1215 level, buyers may test towards the 1.1235 and 1.1275 levels.

Daily Pivots: (S1) 1.0053; (P) 1.0090; (R1) 1.0150; More....

USD/CHF rises to as high as 1.0124 so far. Intraday bias remains on the upside. Decisive break of 1.0128 will confirm resumption of rally from 0.9187. Next near term target will be 61.8% projection of 0.9716 to 1.0098 from 0.9926 at 1.0162 and then 100% projection at 1.0308. On the downside, break of 1.0056 minor support will turn intraday bias neutral first.

In the bigger picture, USD/CHF drew strong support from medium term trend line and rebounded. That suggests rise from 0.9186 is still in progress. Further break of 1.0128 will confirm up trend resumption and target 1.0342 key resistance. Nevertheless, break of 0.9716 will dampen this bullish view and at least bring deeper fall to 0.9541 key support.

Ethereum is attempting to recover higher, after the second largest cryptocurrency found strong technical support from the $120.00 level earlier this week. The ETHUSD pair is awaiting a directional breakout, as price remains trapped within a large symmetrical triangle pattern on the four-hour time frame. Traders should watch for a sustained breakout from the $115.00 to $158.00 price range.

The ETHUSD pair is bearish while trading below the $115.00 level, key support is found at the $100.00 and $85.00 levels.

If the ETHUSD pair trades above the $158.00 level, key resistance is found at the $175.00 and $200.00 levels.

Daily Pivots: (S1) 111.42; (P) 111.64; (R1) 111.80; More...

USD/JPY dropped sharply to as low as 110.95 so far and breaches near term channel support. With 110.35 support intact, near term outlook remains bullish and rise from 104.69 is still in favor to resume. On the upside, break of 112.13 will target 114.54 resistance next. However, firm break of 110.35 should confirm near term reversal and turn outlook bearish for 108.49 support and below.

In the bigger picture, current strong rebound from 104.69 argues that decline from 118.65 (2016 high) has completed with three waves down to 104.69, after failing 104.62. More importantly, the rise from 98.97 (2016 low) could be resuming. Focus now turns back to 114.54 resistance, decisive break there will add more credence to this bullish case and target 118.65. This will now be the favored case as long as 110.35 support holds.

Daily Pivots: (S1) 0.8521; (P) 0.8573; (R1) 0.8609; More...

EUR/GBP was rejected by 4 hour 55 EMA but it's holding above 0.8529 temporary low. Intraday bias remains neutral first. In case of further recovery, upside should be limited well below 0.8840 resistance to bring fall resumption. On the downside, break of 0.8529 will target long term projection target at 0.8416 next.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current fall from 0.9305 (2017 high), is seen a a falling leg inside the pattern. Such decline is now targeting 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416 and possibly below. But for now, we'd expect strong support around 0.8312 support to contain downside and bring rebound.

Daily Pivots: (S1) 1.5887; (P) 1.5998; (R1) 1.6067; More....

EUR/AUD drops notably and breached 1.5941 minor support but recovered. Intraday bias is neutral for now first. On the downside, firm break of 1.5941 will turn bias to the downside for 1.5271 support. Break there will resume whole decline from 1.6765. Meanwhile, rebound from current level will retain near term bullishness. Break of 1.6122 will target 1.6765.

In the bigger picture, as long as 1.5346 support holds, outlook will remain bullish. Uptrend 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.

Daily Pivots: (S1) 1.1301; (P) 1.1334; (R1) 1.1355; More...

EUR/CHF is holding on to 1.1310 support for the moment and intraday bias stays neutral. Further rise is in favor as long as 1.1310 support holds. On the upside, break of 1.1444 will resume the rebound from 1.1181 and target 1.1501 key resistance next. On the downside, firm break of 1.1310 will indicate completion of the rebound. In that case, intraday bias will be turned back to the downside for 1.1181 low again.

In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by 1.1154/98 support zone to complete it and bring rebound. Decisive break of 1.1501 (38.2% retracement of 1.2004 to 1.1173 at 1.1490) will confirm completion of the correction. Further rise should be seen to 61.8% retracement at 1.1687 and above next.

Daily Pivots: (S1) 145.40; (P) 146.35; (R1) 146.92; More...

GBP/JPY drops to as low as 145.12 and breached trend line support. Focus is now on 144.84 resistance turned support. Decisive break there will argue that whole rebound from 131.51 has completed. Deeper decline would then be seen to 141.00 support to confirm. Nevertheless, strong rebound from current level will retain near term bullishness. Break of 146.40 minor resistance will turn bias back to the upside for 148.57 and then 149.48.

In the bigger picture, the strong rebound from 131.51 suggests that medium term fall from 156.59 (2018 high) has completed already. The corrective structure of such decline in turn argues that it's the second leg of the corrective pattern from 122.36 (2016 low). And this pattern is starting the third leg. On the upside, decisive break of 149.48 will pave the way to 156.59 resistance and above. However, firm break of 141.00 support will dampen this view and turn focus back to 131.51 low instead.