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After nearly two hours of meeting, delegations of South and North Korea announced that North Korean leader Kim Jong-Un and South Korean President Moon Jae-in will meet sometime in September. That came even though, the US has yet to obtain any concrete plan about denuclearization of the peninsula.

Ahead of the meeting, Ri Son Gwon, chairman chairman of a North Korean committee aiming for the "peaceful reunification" of the peninsula said that the Koreas were like very close friends with an unbreakable bond. After the meeting, he also said that it's was important to clear the obstacles preventing the relationship from moving forward. He added that "if the issues that were raised at the talks aren't resolved, unexpected problems could emerge and the issues that are already on the schedule may face difficulties."

For now, not date not agenda is released yet and South Korean Unification Minister Cho Myoung-gyon would brief the press later in the day.

Daily Pivots: (S1) 140.87; (P) 141.78; (R1) 142.57; More...

GBP/JPY drops to as low as 140.23 so far and intraday bias remains on the downside. Current decline should target 139.29/47 key support level. We'll pay attention to bottoming signal around there. Nonetheless, , break of 143.48 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, at this point decline from 156.59 is still seen as a corrective move. But the current downside accelerate makes this view shaky. Focus will be on 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47). Strong rebound from there will re-affirm the bullish case that rise from 122.36 is still to extend through 156.59 high. However, sustained break of 139.29/47 should confirm medium term reversal. GBP/JPY would then target a retest on 122.26 (2016 low).

The Pound Sterling has been depreciating against the Canadian Dollar in a steep descending channel. This movement has been guided by a four-month junior descending channel.

During the past few days, the 55-hour simple moving average has pushed the currency pair towards the lower boundary of a dominant ascending channel. However, this decline stopped by the weekly S2 at 1.6647.

As for the near future, it is likely that the exchange rate makes a northern movement towards a resistance cluster formed by the weekly, the monthly PPs and the 55-hour SMA at the 1.6921 regions during the following trading sessions.

The British Pound has been driven by a strong downside momentum against the Australian Dollar since the beginning of August, and thus sending the currency pair to plunged by 537 base points. This bearish sentiment began on August 3, after the pair tested the 200-hour simple moving average and the weekly R2 near the 1.7783 mark and reversed south.

However, during the past few days, the exchange rate made a U-turn from a support cluster set by the combination of the weekly and the monthly pivot points near 1.7323.

Everything being equal, it is likely that the GBP/AUD currency exchange rate continues it bullish momentum until it retests the 200-hour SMA.

Daily Pivots: (S1) 125.70; (P) 128.36; (R1) 127.82; More....

EUR/JPY's decline continues today and reaches as low as 125.13 so far. Intraday bias remains on the downside for retesting 124.61 low. Break will resume howl down trend from 137.49. On the upside, above 126.80 minor resistance will turn intraday bias neutral and bring consolidation. But recovery should be limited below 128.49 resistance to bring another fall.

In the bigger picture, focus is back on 124.08 key resistance turned support. Decisive break there will argue that whole rise from 109.03 (2016 low) has completed at 137.49. Deeper decline would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90 next. Sustained break there will pave the way to 109.03 and below. Meanwhile, rebound from 124.08 will keep medium term bullishness intact for another high above 137.49.

Daily Pivots: (S1) 0.8911; (P) 0.8951; (R1) 0.8951; More...

Consolidation from 0.9030 is still in progress and intraday bias in EUR/GBP remains neutral. While deeper pull back cannot be ruled out, we'd expect downside to be contained by 0.8854 support to bring another rally. Firm break of 61.8% retracement of 0.9305 to 0.8620 at 0.9043 will pave the way to retest 0.9305 key resistance. However, sustained break of 0.8854 will indicate near term reversal and turn outlook bearish.

In the bigger picture, EUR/GBP is staying in long term range pattern from 0.9304 (2016 high). The corrective structure of the fall from 0.9305 to 0.8620 is raising the chance that rise from 0.8312 to 0.9305 is an impulsive move. But we're not too confident on it yet. In any case, we'd stay cautious on strong resistance from 0.9304/5 to limit upside in case of further rally. Meanwhile, if there is another medium term decline, strong support will likely be seen from 0.8303 to contain downside.

Daily Pivots: (S1) 1.5590; (P) 1.5651; (R1) 1.5699; More....

Intraday bias in EUR/AUD remains neutral at this point, with near term bearish outlook. On the downside, break of 1.5578 will extend the fall from 1.5888 to 61.8% retracement of 1.5271 to 1.5888 at 1.5507. Sustained break there will pave the way to retest 1.5271 low. Nonetheless, on the upside, break of 1.5701 minor resistance will argue that fall from 1.5888 might be completed. Intraday bias is will be turned back to the upside for retesting 1.5888.

In the bigger picture, the rebound from 1.5271 was somewhat weaker than expected. EUR/AUD also failed to sustain above 55 day EMA and hints on some underlying bearishness. Though, for now, as long as 1.5271 support holds, medium term rise from 1.3624 (2017 low) is still mildly in favor to extend through 1.6189 high, to 1.6587 key resistance (2015 high). Nevertheless, firm break of 1.5271 will complete a head and shoulder top pattern (ls: 1.5770, h: 1.6189, rs: 1.5888). That would indicate medium term reversal and turn outlook bearish.

Daily Pivots: (S1) 1.1310; (P) 1.1389; (R1) 1.1438; More...

EUR/CHF's decline extends to as low as 1.1285 so far today. 61.8% projection of 1.2004 to 1.1366 from 1.1713 at 1.1319 is already met but there is no sign of bottoming yet. Intraday bias stays on the downside for key support zone between 1.1154/98. On the upside, above 1.1371 minor resistance will turn intraday bias neutral and bring consolidation. But recovery should be limited below 1.1489 support turned resistance to bring another fall.

In the bigger picture, for now, the price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by 1.1154/98 support zone, 1.1198 (2016 high), 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. This cluster level is in proximity to long term channel support (now at 1.1173) too. 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.

The common European currency has lost considerable 2.13% against the US Dollar during the last two sessions. Traders have pushed the rate lower due to fears of the Euro's exposure to the crisis-hit Turkey.

By Monday morning, the rate had plunged to a fresh 13-month low, being supported by the monthly S3 at 1.1365. In addition, the bottom boundary of a newly-drawn channel is likewise located there.

Technical signals are pointing to a recovery in this session, as shown by gradually-recovering indicators. In this case, daily gains should be capped near the 55-hour SMA at 1.15.

However, traders should still take into account that Turkey may still cause some downside pressure on the Euro before the expected appreciation actually takes place. A possible target is the psychological 1.13 mark.

Downside risks have pressured the GBP/USD exchange rate lower for two consecutive weeks. Following a breakout from the senior channel on Thursday, the Pound fell even lower and eventually reached a fresh one-year low - the monthly S2 at 1.2750 mid-Friday. Since then, the pair has been trading with volatility above this monthly support.

Given that the Pound remains strongly oversold, it seems that bears have exhausted their strength, thus giving opportunity for bulls to take over the market soon. Strong upside pressure will be necessary to dash through the combined resistance of the 55– and 100-hour SMAs and the weekly PP at 1.2840.

It is more likely that the Sterling tries to push higher today; however, if a fall nevertheless occurs, the 1.26 mark should not be surpassed.