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• GBPUSD advances after its bounce off 200-day SMA
• A potential breach of 50-day SMA could improve outlook
• Oscillators suggest strengthening positive momentum

GBPUSD had been on the rise following its deflection at the 200-day simple moving average (SMA) on August 8. After four consecutive daily green candlesticks, the pair is on track to reclaim its 50-day SMA as the momentum indicators are hinting at an improving positive bias.

If the price extends its recent rebound, immediate resistance might be found at the December 2023 high of 1.2826. Higher, the June peak of 1.2859 may prove to be the next barricade for the bulls to clear. A break above that zone could open the door for the March high of 1.2892.

On the flipside, initial declines could pause at 1.2710, a region that provided resistance multiple times in the recent past but could now serve as support. Slicing through that wall, the pair may challenge the August low of 1.2663, which overlaps with the 200-day SMA. Failing to halt there, the pair might descend towards the 1.2620-1.2598 range, which is framed by the June and March lows.

Overall, GBPUSD has been gaining ground in the past few sessions after finding its feet at the crucial 200-day SMA. However, a failure to claim the 50-day SMA, which is currently under scrutiny, could lead to the pair reversing back lower.

Daily Pivots: (S1) 186.87; (P) 188.10; (R1) 189.15; More...

Intraday bias in GBP/JPY stays neutral and outlook remains bearish with 38.2% retracement of 208.09 to 180.00 at 190.73 intact. On the downside, below 184.46 minor support will turn intraday bias back to the downside for retesting 180.00 low. Break there will resume the fall from 208.90 to 178.32 support next. However, firm break of 190.73 will extend the rebound to 61.8% retracement at 197.35, even as a corrective move.

In the bigger picture, fall from 208.09 medium term top is seen as correcting the up trend from 123.94 (2020 low). Deeper decline is in favor as long as 55 W EMA (now at 189.18) holds. But strong support could emerge between 178.32 and 38.2% retracement of 123.94 to 208.09 at 175.94 to bring rebound. Meanwhile, sustained trading above 55 W EMA will suggest that the range for the medium term corrective pattern is already set.

Daily Pivots: (S1) 160.00; (P) 160.98; (R1) 161.92; More...

Intraday bias in EUR/JPY remains neutral and outlook stays bearish with 38.2% retracement of 175.41 to 154.40 at 162.42 intact. On the downside, below 157.71 minor support will bring retest of 154.40 first. Break there will resume the fall from 175.41 to 153.15 support next. However, sustained break of 162.42 will bring strong rise to 61.8% retracement at 167.38, even as a corrective move.

In the bigger picture, fall from 175.41 medium term top should be correcting the whole rise from 114.42 (2020 low). Deeper decline could be seen as long as 55 W EMA (now at 161.88) holds. But strong support should emerge between 153.15 and 38.2% retracement of 114.42 to 175.41 at 152.11 to bring rebound, at least on first attempt. Meanwhile, sustained trading above 55 W EMA will argue that the range of the medium term corrective pattern has already been set.

Daily Pivots: (S1) 0.8549; (P) 0.8559; (R1) 0.8574; More....

EUR/GBP's correction from 0.8624 extends lower today and deeper fall could be seen. But downside should be contained by 38.2% retracement of 0.8382 to 0.8624 at 0.8532 to bring another rally. On the upside, above 0.8567 minor resistance will turn bias back to the upside for retesting 0.8624. However, decisive break of 0.8532 will bring deeper fall to 61.8% retracement at 0.8474.

In the bigger picture, while the rebound from 0.8382 is strong, there is no confirmation of trend reversal yet. As long as 0.8643 resistance holds, down trend from 0.9267 could still resume through 0.8382 at a later stage. However, firm break of 0.8643 will indicate that such down trend has completed, and turn outlook bullish for 0.8764 resistance next.

Daily Pivots: (S1) 1.6555; (P) 1.6589; (R1) 1.6635; More...

EUR/AUD is staying in sideway trading in tight range and intraday bias stays neutral. Outlook will remain bullish with 1.6474 support intact. On the upside, above 1.6798 minor resistance will bring retest of 1.7180 resistance first. Firm break there will resume larger up trend to 1.7715 fibonacci projection level next. However, firm break of 1.6474 will dampen the bullish view and bring deeper pullback towards 1.5996 support.

In the bigger picture, corrective fall from 1.7062 medium term top should have completed at 1.5996. Larger up trend from 1.4281 (2022 low) is resuming. Next target is 61.8% projection of 1.4281 to 1.7062 from 1.5996 at 1.7715. This will now remain the favored case as long as 1.6474 support holds.

Daily Pivots: (S1) 0.9418; (P) 0.9468; (R1) 0.9508; More....

EUR/CHF's break of 0.9476 support turned resistance argues that stronger rebound is underway. Intraday bias is on the upside for 55 D EMA (now at 0.9600). On the downside, break of 0.9354 minor support will turn bias back to the downside for retesting 0.9209 low.

In the bigger picture, medium term corrective pattern from 0.9407 (2022 low) might have completed with three waves to 0.9928. Decisive break of 0.9252 (2023 low) will confirm long term down trend resumption. Next target will be 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. For now, outlook will stay bearish as long as 0.9928 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.3725; (P) 1.3737; (R1) 1.3754; More...

Intraday bias in USD/CAD remains neutral for the moment. Strong rebound from current level, followed by break of 1.3790 minor resistance, will retain near term bullishness. Further rise should be seen to retest 1.3946 high. However, sustained trading below 55 D EMA (now at 1.3726) will dampen the original bullish view and bring deeper decline back towards 1.3588 support.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern, that might have completed at 1.3176 (2023 low) already. Firm break of 1.3976 will confirm resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149. This will be the favored case as long as 1.3588 support holds, in case of pullback.

Daily Pivots: (S1) 0.6566; (P) 0.6585; (R1) 0.6606; More...

Intraday bias in AUD/USD stays mildly on the upside despite loss in momentum as seen in 4H MACD. Sustained break of 55 D EMA (now at 0.6612) will target 0.6798 resistance. On the downside, break of 0.6506 minor support will indicate rejection by the 55 D EMA, and turn bias back to the downside for retesting 0.6348 instead.

In the bigger picture, overall, price actions from 0.6169 (2022 low) are seen as a medium term corrective pattern, with fall from 0.6798 as another falling leg. Deeper fall could be seen to the lower side of the range between 0.6169/6361. But strong support should be seen there to contain downside. Meanwhile, break of 0.6798 will target upper side of the range at 0.7156.

Daily Pivots: (S1) 146.43; (P) 147.32; (R1) 148.11; More...

Outlook in USD/JPY remains bearish with 38.2% retracement of 161.94 to 141.67 at 149.41 intact and intraday bias stays neutral. Below 145.42 minor support will turn bias to the downside for 141.67. Break there will resume the fall from 161.94 to 140.25 support next. Nevertheless, decisive break of 149.41 will bring stronger rally to 61.8% retracement at 154.19, even as a corrective move.

In the bigger picture, fall from 161.94 medium term is seen as correcting whole up trend from 102.58 (2021 low). Deeper decline could be seen to 38.2% retracement of 102.58 to 161.94 at 139.26, which is close to 140.25 support. In any case, risk will stay on the downside as long as 55 W EMA (now at 149.77) holds. Nevertheless, firm break of 55 W EMA will suggest that the range for medium term corrective pattern is already set.

Daily Pivots: (S1) 0.8623; (P) 0.8667; (R1) 0.8697; More…

Outlook is USD/CHF remains bearish with 38.2% retracement of 0.9223 to 0.8431 at 0.8734 intact. On the downside, below 0.8631 minor support will bring retest of 0.8431 first. Break there will resume the fall from 0.9223 to 0.8332 low. Nevertheless, firm break of 0.8734 will bring stronger rally to 61.8% retracement at 0.8920, even as a corrective move.

In the bigger picture, price actions from 0.8332 (2023 low) are currently seen as a medium term corrective pattern, with fall from 0.9223 as the second leg. Strong support could be seen from 0.8332 to bring rebound. Yet, overall outlook will continue to stay bearish as long as 0.9243 resistance holds. Firm break of 0.8332, however, will resume larger down trend from 1.0146 (2022 high).