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The British Pound is continuing to trade lose value against the American Dollar in a one-month-long descending channel. Despite a bunch of important macroeconomic data releases, the pair did not make any substantial advances yesterday. One of the reasons for that was the 55-hour SMA, which traders continuously used as a support and resistance.

As a result, the pair ended previous trading session in the centre of the channel. Because of the bullish sentiment, traders are likely to try to push the rate to the upper edge of the pattern. However, the above 55-hour SMA once again might turnaround the pair and force it to slip to the weekly S1, which is located at the 1.3210.

In general, the pair continued to move between the 200-day SMA and the 100% Fibonacci retracement level, as expected. Unfortunately, none of the yesterday’s events caused any significant volatility in the markets. It seems that movement of the pair was mainly constrained by the 55- and 100-hour SMAs that helped to form a minor ascending channel, which is lying perpendicularly to larger descending channel. In the first half of the day, the rate is expected to try to break through the upper trend line of the above pattern, which is backed up by the 200-hour SMA. If a rebound from the retracement level meant the beginning of a new medium-term uptrend, then the pair should eventually bypass this resistance. Otherwise, a rebound is going to follow, in accordance with the current downtrend.

The Australian Dollar deprived Wednesday's gains against the Greenback, as the report showed an unexpected fall in Australian retail sales. The AUD/USD marked solid decline of 0.34% or 26 base points to the 0.7830 mark and continued the side move near the aforesaid level.

The Australian Bureau of Statistics release showed that the country's retail sales dropped significantly 0.6% in August, missing projections for a 0.3% increase in the reported month. The decrease could be attributed to households suffering from low pay growth, higher energy bills, as well as record debt levels and weakening property price growth. Weak retail sales are likely to weigh on Australian economic expanison in the Q3, supporting the view that RBA is unlikely to raise rates next year.

The US Dollar strengthened against the Euro in the wake of US data release on Wednesday. The EUR/USD currency pair fell 0.15% or 17 pips to continue the session below the 1.1770 level, additionally confirming the position amid the better-than-expected ISM report and a small reaction on EU and US officials' speeches.

The US companies slashed hiring to the lowest level in 11 months in September owing to the disruption of business activities caused by Hurricanes Irma and Harvey, according to the ADP Employment report. The private survey showed that the country's businesses added 135K jobs in September, suggesting the most of Hurricane's impact forced small retailers to cut hiring.

The British Pound strengthened against the Greenback on the grounds of shiny UK service industry data. Following the report, the GBP/USD currency pair jumped 22 base points to the 1.3278. However, by the end of the session the pair returned to the prior lows near the 1.3230 area, confirming that the sentiment concerning the Sterling's outlook stayed more downbeat amid lingering uncertainties over Brexit talks.

Markit report showed that the Britain's services sector grew at a stronger-than-anticipated pace in September, putting the industry's PMI to a seasonally adjusted 53.6, above forecasts for an unchanged reading. The strong data could ease concerns over the UK economy and support expectations for the Bank of England's interest rate hike.

EUR/USD

Current level - 1.1761

The upmove from 1.1700 is still underway, but I favor a break through 1.1730 support to signal a renewal of the slide towards 1.1480.

USD/JPY

Current level - 112.75

The consolidation pattern below 113.20 is over and my outlook is positive, for a rise towards 113.80, en route to 114.50.

GBP/USD

Current level - 1.3233

My outlook here is bearish, for a break through 1.3220, towards 1.3150 target mark. Initial resistance lies at 1.3290.

Wall Street juggernaut Goldman Sachs is exploring whether to launch a new trading operation dedicated to bitcoin and other digital currencies. Goldman, which is still mulling the idea, would become the first blue-chip Wall Street firm to deal directly in the booming crypto market.

Meanwhile, BlackRock CEO Larry Fink told Bloomberg he sees “huge opportunities” for cryptocurrency despite its apparent connection with money laundering and speculation.

Bitcoin prices have scaled back from multiweek highs, but continue to show upward momentum as the likes of Goldman Sachs and BlackRock show a willingness to embrace the digital currency.

The BTC/USD exchange rate last traded near $4,235, according to Bitstamp. Prices fluctuated within a narrow range through the Asian trade.

At present values, bitcoin has a total market value of $70.3 billion on supplies of 16.6 million.

Despite the apparent uptrend, the BTC/USD has seen its price action weaken in recent sessions, with the 50-day moving average crossing below the 200-day SMA.

The British pound has slipped back towards the weekly price-low against the U.S dollar, after solid economic data from the United States, and a lack of buying interest for the GBPUSD pair above the key 1.3291 level.

Intraday trading sentiment around the pair is currently mixed, as British pound buying remains contained and uncertainty surrounding the appointment of the next Federal Reserve Chair, starts to limit gains in the U.S dollar index.

The GBPUSD pair is currently range-bound between 1.3218 and 1.3291, with price-action now consolidating mid-range around the 1.3250 level.

A move below the 1.3218 level should accelerate intraday losses below the 1.3200 level, whilst a move above the 1.3291 level should further buying interest towards 1.3340.

Key intraday technical support for the GBPUSD pair is found at 1.3218, 1.3190, 1.3165 and the pairs 50-day moving average, at 1.3142.

To the upside, key intraday technical resistance is found at the GBPUSD daily pivot point, at 1.3257, and 1.3285. Once above the 1.3291 level, further resistance is found at 1.3340 and 1.3360.

The euro has fallen back below the key 1.1770 level against the U.S dollar, after the United States Institute for Supply Management Service Sector PMI improved at its best pace in over twelve years.

Intraday trading sentiment surrounding the EURUSD pair is currently bearish, as U.S economic data starts to improve, and political tensions between Catalonia and Spanish government continue to worsen.

Price-action is currently contained in an increasingly tight trading range, with sellers unable to push price below the 1.1738 level, and buyers unable to gain traction above the 1.1770 level.

Euro traders will wait for the release of the ECB Meeting Minutes later today, which may offer clues on the ECB policy makers latest thoughts on the monetary policy, and the euro's current exchange rate.

Key intraday technical support for the EURUSD is found at 1.1738 and 1.1710. Once clearly below the 1.1710 level, further declines to 1.1662 and 1.1610 remain likely.

To the upside, key intraday technical resistance is found at 1.1770, the former daily price high, at 1.1785, and the key 1.1800 level. Once above 1.1800, key weekly resistance is found at 1.1823 and 1.1851.

The financial markets are ripe with activity on Thursday, with the focal point shifting to monetary policy.

European Central Bank (ECB) Board Members Peter Praet and Benoit Coeure are scheduled to deliver speeches on Thursday. Praet’s remarks will come before the ECB’s meeting minutes, whereas Coeure will speak after.

In the United States, Federal Reserve members Jerome Powell, John Williams, Patrick Harker and Esther George are all lined up to speak. Powell is reportedly under consideration for the role of Federal Reserve Chair once Janet Yellen’s first term expires in February.

In terms of economic data, the Commerce Department will report on factory orders Thursday morning. Separately, Commerce will also report on trade for the month of August.

The Labor Department will also issue its weekly jobless claims data just 24 hours before the official nonfarm payrolls report. The US economy is projected to add a mere 100,000 nonfarm jobs in September.

Earlier in the day, the Australian government reported an unexpected decline in retail sales, but said its trade surplus rose more than expected in August. Receipts at retail stores declined 0.6% from July, following a decline of 0.2% the previous month. Analysts in a median estimate called for an increase of 0.3%.

Canberra’s trade surplus came in at $989 million compared to July, up from $808 million the month before. Exports rose 1%, while imports failed to grow.

AUD/USD

The Australian dollar fell on mixed data, with the AUD/USD exchange rate sliding 0.4% to 0.7828. The pair briefly fell below 0.7800 cents earlier in the week as the US dollar asserted its dominance. The 0.7800 level continues to offer immediate support for the AUD/USD. A break below that level could lead to a pullback toward 0.7741. On the opposite side of the ledger, the major resistance line is 0.8160, which is the gateway to the January 2015 high near 0.8300.

EUR/USD

The euro opened flat on Thursday, and is currently trading within a narrow range against the dollar. The EUR/USD has been trending downward over the past two weeks, with the latest turmoil in Catalonia adding to the bearish pressure. The pair was last seen trading at 1.1755. The EUR/USD levels to watch include 1.1720, which remains the key support line. A break below this level would expose the 1.1660 region. On the flipside, immediate resistance is likely to come in at 1.1820.

GBP/USD

Cable was rangebound on Thursday, as the market consolidated in the mid-1.32 region. The GBP/USD has fallen below 1.33 this week, stoking fresh bearish concerns. On Thursday morning, the pair was trading at 1.3241. Immediate support is located at 1.3320. The major resistance line is seen at 1.3340.