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GBP/USD stayed in consolidation above 1.2476 last week and outlook is unchanged. As such consolidation in in progress, intraday bias remains neutral first. Upside of recovery should be limited by 1.2811 resistance to bring fall resumption. On the downside, break of 1.2476 will extend larger down trend from 1.4376 to 61.8% projection of 1.4376 to 1.2661 from 1.3174 at 1.2114. However, firm break of 1.2811 will be an early signal of trend reversal and turn focus back to 1.3174 resistance.

In the bigger picture, whole medium term rebound from 1.1946 (2016 low) should have completed at 1.4376 already, after rejection from 55 month EMA. The structure and momentum of the fall from 1.4376 argues that it's resuming long term down trend from 2.1161 (2007 high). And this will now remain the preferred case as long as 1.3174 structural resistance holds. GBP/USD should now target a test on 1.1946 first. Decisive break there will confirm our bearish view.

In the longer term picture, outlook in GBP/USD remains bearish. Rebound from 1.1946 was rejected solidly by falling 55 month EMA. The pair was limited well below 38.2% retracement of 2.1161 (2007 high) to 1.1946, as well as the decade long falling trend line. On break of 1.1946, next target will be 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.

USD/CHF dropped to as low as 0.9840 last week but drew support from 0.9848 support and rebound. The development affirmed the case that price action from 1.0128 are merely a correction, and larger rise from 0.9541 is in progress. Intraday bias is neutral for now. On the upside, break of 0.9989 resistance will argue that such correction is completed. Intraday bias will be turned back to the upside for retesting 1.0128 high. In case of another dip, downside should be contained by 0.9848 to bring rebound.

In the bigger picture, current development suggests that the medium term rally from 0.9186 hasn't completed yet. Break of 1.0128 will target 1.0342 key resistance next (2016 high). On the downside, firm break of 0.9848 support will dampen this bullish view and turn focus back to 0.9541 key support instead.

In the long term picture, price actions from 0.7065 (2011 low) are not clearly impulsive yet. Thus, we'll treat it as developing into a corrective pattern, at least, until a firm break of 1.0342 resistance.

AUD/USD's decline from 0.7393 extended to as low as 0.7033 last week and outlook is unchanged. Intraday bias remain son the downside for 0.7020 key support first. Decisive break there will resume larger decline from 0.8135 for 0.6826 key support. On the upside, in case of recovery, outlook will stay bearish as long as 0.7148 resistance holds. However, firm break of 0.7148 will suggest that correction from 0.7020 is extending with another rise. intraday bias will then be turned back to the upside for 0.7393 resistance.

In the bigger picture, price actions from 0.7020 are corrective in nature. In case such corrective pattern extends, upside should be limited by 38.2% retracement of 0.8135 to 0.7020 at 0.7446 to bring down trend resumption. Firm break of 0.7020 will extend medium term decline from 0.8135 to retest 0.6826 (2016 low).

In the longer term picture, the corrective structure of rebound from 0.6826 (2016 low) to 0.8135, and the failure to break 38.2% retracement of 1.1079 (2011 high) to 0.6826 at 0.8451, carry bearish implications. AUD/USD was also rejected by 55 month EMA. Now, the down trend from 1.1079 is in favor to extend. On break of 0.6826, next target will be 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507.

USD/CAD's up trend extended to as high as 1.3600 last week and showed acceleration as seen in daily MACD. Intraday bias remains on the upside at this point. Current rally should target 1.3685 fibonacci level next. Break there will target 1.3793 key medium term resistance. On the downside, below 1.3511 minor support will turn intraday bias neutral first. But downside should be contained above 1.3322 support to bring another rally.

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. At this point, the structure is not clearly impulsive yet. Hence, we'd be cautious on topping between 1.3685/3793. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.2991) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.

GBP/JPY's break of 141.17 support last week confirmed resumption of fall from 149.48. Intraday bias remains on the downside at this point. Current fall should target 139.29/47 key support zone. On the upside, break of 143.94 resistance is needed to indicate short term reversal. Otherwise, outlook will remain bearish even in case of recovery.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) could still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.

In the longer term picture, as long as 139.29 holds, rise from 122.36 is in favor to extend to 50% retracement of 195.86 (2015 high) to 122.36 (2016 low) at 159.11, and possibly further to 61.8% retracement at 167.78 before completion. However, firm break of 139.29 will turn focus back to 116.83/122.36 support zone instead (116.83 as 2011 low).

EUR/JPY's steep decline and strong break of 126.63 support last week indicates resumption of fall from 133.12. Intraday bias remains on the downside for the moment. Current fall should target 124.08/89 support zone next. On the upside, break of 127.68 minor resistance is needed to be the first sign of short term bottoming. otherwise, outlook will remain bearish even in case of recovery.

In the bigger picture, with the current decline, focus would be back on 124.08 key resistance turn supported holds. As long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) could still resume. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.

In the long term picture, at this point, EUR/JPY is staying in long term sideway pattern, established since 2000. Rise from 109.03 is seen as a leg inside the pattern. As long as 124.08 support holds, further rally is in favor in medium to long term through 149.76 high. However, break of 124.08 could extend the fall through 109.03 low instead.

EUR/GBP stayed in consolidation below 0.9086 last week and outlook is unchanged. Intraday bias remains neutral at this point and more sideway trading could be seen. Downside should be contained by 0.8931 resistance turned support to bring another rise. On the upside firm break of 0.9098 resistance will extend the whole rise from 0.8655 to 0.9304 key resistance next. However, considering bearish divergence condition in 4 hour MACD, firm break of 0.8931 will indicate near term reversal and target 0.8810 support and below.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). It should be in medium term rising leg for 0.9304. Meanwhile, in case of another fall, down side should be contained by 0.8620/55 support zone to bring rebound.

In the long term picture, we're holding on to the view that rise from 0.6935 (2015 low) is resuming the up trend from 0.5680 (2000 low). Hence, after the consolidation from 0.9304 completes, we'd expect another medium term up trend through 0.9799 to 100% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.

EUR/AUD surged to as high as 1.6154 last week but lost momentum since then. With 4 hour MACD crossed below signal line, a temporary top is in place. Intraday bias is turned neutral for some consolidations first. But downside of retreat should be contained by 1.5887 resistance turned support to bring rise resumption. On the upside, above 1.6154 will extend the rebound from 1.5346 to retest 1.6357 high next. At this point, we'd be cautious on topping around there to bring pull back.

In the bigger picture, no change in the view that 1.6357 is a medium term top. But the strong rebound ahead of 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313) suggests price actions from 1.6357 are developing into sideway consolidation, rather than a deep correction. The range of 1.5271/6357 is likely set for the consolidation. And we don't expect a break of the range any time soon. But decisive break of 1.6357 will resume the larger up trend from 1.3624 (2017 low) to 1.6587 (2015 high).

In the longer term picture, the rise from 1.1602 long term bottom (2012 low) isn't over yet. We'll keep monitoring the development but there is prospect of extending the rise to 61.8% retracement of 2.1127 to 1.1602 at 1.7488 and above. However, sustained trading below 1.3624 key support should indicate long term reversal and target 1.1602 long term bottom again.

EUR/CHF edged higher to 1.1348 last week but failed to take out 55 day EMA firmly and retreated. Intraday bias remains neutral at this point first. We're holding on to the view of short term bottoming at 1.1224, on bullish convergence condition in 4 hour MACD. Thus, current retreat should be contained well above 1.1224 low and further rally is favored. On the upside, break above 1.1348/1356 resistance zone will affirm this bullish view. Intraday bias will be turned back to term upside for retesting 1.1501 resistance.

In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend. In that case, 1.0629 key support will be back into focus.

The British pound remains under downside pressure against the greenback on Monday, as buyers continue to struggle to break the 1.2700 resistance level. A clear break from the 1.2600 to 1.2700 price range is currently needed for a near-term directional bias to be established. The MACD indicator on the daily time frame is signalling that a short-term recovery is still underway.

The GBPUSD pair is only bullish while trading above the 1.2700 level, buyers may then test towards the 1.2770 and 1.2850 levels.

If the GBPUSD pair continues to trade below the 1.2660 level, sellers will likely test the 1.2625 and 1.2560 support levels.