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During the previous trading session, the British Pound appreciated against the US Dollar to 1.3120. On Thursday morning, the rate was trading between the 55-hour and the 100-hour simple moving averages at the 1.3134 mark.

In regards to the near-term future, the rate will surge upwards to reach the 50.00% Fibonacci retracement level at 1.3163. Afterward, most likely, the 50.00% Fibo will retrace the rate to push it to trade sideways at the 1.3120 level.

On the other hand, the 100-hour simple moving average could resist the British Pound to depreciate against the US Dollar to the weekly pivot point at 1.3084.

During Wednesday's trading session, the currency exchange rate slumped by 50 pips or 0.46% compared with Tuesday's trading session. On Thursday morning, the rate was trading below the weekly S2 at the 108.70 mark. Note, the chart was thoroughly reviewed to make changes to the previously drawn patterns!

In regards to the near-term future, most likely, the rate will depreciate towards the 38.20% Fibonacci retracement level at 108.43. Besides, the weekly S2 at 108.71 should retrace the rate to give an additional push for the rate.

However, the weekly S2 could support the US Dollar to appreciate against the Japanese Yen to push the rate to trade at 108.80 for the rest of the trading session.

During the previous trading session, the gold appreciated against the US Dollar by 745 pips or 0.57%. On Thursday morning, the yellow metal was trading at the 1,321.33 mark.

In regards to the near-term future, most likely, the gold will be retraced by the ascending medium pattern line at 1,325.63 to push the rate to trade at the 1,320.00 level for the rest of the day.

On the other hand, the rate could break through the resistances of the medium pattern line and the monthly R2 at 1,325.63 to trade at the 1,325.00 level.

During the previous trading session, the currency exchange rate broke the 50.00% Fibonacci retracement level at 1.1462. On Thursday morning, the rate was located at the weekly R2 at 1.1500.

In regards to the near-term future, most likely, the European Single Currency will trade towards the descending medium pattern line at the 1.1540 mark. Moreover, the weekly R2 at 1.1500 should support the surge during the trading session.

However, the weekly R2 could retrace the European Single Currency to depreciate against the US Dollar to push the rate to trade sideways at the 1.1480 level

The Euro maintains bullish tone on Thursday morning and extended strong advance of the previous day, sparked by dovish Fed, to crack Fibo barrier at 1.1503 (76.4% of 1.1569/1.1289 descend) and post new three-week high at 1.1514.

Bulls were distracted by downbeat German retail sales which fell by 4.3% in Dec (vs -0.5% f/c) in the fastest rate fall in eleven years, but negative impact was so far minimal.

The price action holds in green for the fifth straight day and maintains strong bullish momentum for further advance as positive sentiment strengthened after US central bank signaled a pause in policy tightening and sent dollar lower across the board. Bulls could extend towards key near-term barrier at 1.1569/86 (2019 high posted on 10 Jan and reinforced by falling 200SMA/Fibo 61.8% of 1.1815/1.1215 bear-leg).

Daily MA's in bullish setup and north-heading indicators support scenario, however, overbought slow stochastic warns of consolidative action before bulls resume.

Session low at 1.1477 marks initial support, followed by broken Fibo 61.8% barrier at 1.1462 which is expected to contain extended dips and keep bulls in play.

Traders focus the key events of the European session, German labor data and EU GDP, which would provide fresh signals.

Res: 1.1514, 1.1540, 1.1569, 1.1586
Sup: 1.1477, 1.1462, 1.1449, 1.1424

Pivot (invalidation): 54.10

Our preference Long positions above 54.10 with targets at 54.95 & 55.45 in extension.

Alternative scenario Below 54.10 look for further downside with 53.60 & 53.05 as targets.

Comment The RSI is bullish and calls for further advance.

Pivot (invalidation): 15.8800

Our preference Long positions above 15.8800 with targets at 16.1900 & 16.3500 in extension.

Alternative scenario Below 15.8800 look for further downside with 15.7800 & 15.6900 as targets.

Comment The RSI advocates for further advance.

Pivot (invalidation): 1312.00

Our preference Long positions above 1312.00 with targets at 1323.00 & 1333.00 in extension.

Alternative scenario Below 1312.00 look for further downside with 1309.00 & 1305.00 as targets.

Comment The RSI advocates for further advance.

Euro's rally against Dollar and Yen is apparently capped by some weak economic data in the European session so far.

German retail sales dropped -4.3% mom in December, way below expectation of -0.5% mom. That's also the fastest decline in 11 years since 2007. The decline was partly due to a strong November with pre-Christmas shopping and one-off discounts. But it's yet another warning that the growth engine of Eurozone is slowing down quickly. Also from Germany, unemployment rate was unchanged at 5.0% in January. But unemployment dropped less than expected by -2k only.

From France, CPI dropped -0.4% mom in January. Annual rate slowed sharply from 1.6% yoy to 1.2% yoy. INSEE noted that "The fall in inflation should result from a pronounced deceleration in the prices of energy. Services prices should rise at the same pace as in December and those in manufactured products should drop barely less than in the previous month. Contrariwise, food and tobacco prices should gather pace."

UK Foreign Minister Jeremy Hunt said the government is putting together the new Irish border backstop proposal for the EU. And "it is going to take a few days to do that".

Hunt added " there is potential along all the different routes that have been discussed. But we need to put those together, make sure they meet the concerns the EU has expressed and then I think... we will have a proper discussion."

While the March 29 formal Brexit date approaching, Hunt still maintained that it's too early to say if extension to Article 50 is needed.