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Daily Pivots: (S1) 0.8667; (P) 0.8687; (R1) 0.8702; More....

Intraday bias in EUR/GBP remains mildly on the downside for 0.8648 support. Decisive break there will argue that whole rise from 0.8491 has completed and turn near term outlook bearish. Nevertheless, break of 0.8724 minor resistance will retain near term bullishness and bring retest of 0.8764.

In the bigger picture, down trend from 0.9267 (2022 high) should have completed completed with three down to to 0.8491. Rise from 0.8491 is seen as another leg inside that pattern from 0.9499 (2020 high). Further rally should be seen to 0.8977 resistance and above. However, firm break of 0.8648 support will dampen this view, and open up the case for another medium term decline through 0.8941.

Daily Pivots: (S1) 1.6597; (P) 1.6617; (R1) 1.6634; More...

Intraday bias in EUR/USD stays on the downside at this point, for 1.6449 support. Firm break of 1.6449 support will argue that the pattern from 1.6319 has completed at 1.6844 as a corrective move, and fall from 1.7062 is ready to resume through 1.6319. On the upside, above 1.6694 minor resistance will turn intraday bias neutral first.

In the bigger picture, while 1.7062 is a medium term top, there is no clear sign of trend reversal as EUR/AUD continues to draw strong support from the medium term trend line. Break of 1.7062 will resume the larger up trend from 1.4281 (2022 low) to 1.7691 fibonacci level. Nevertheless, break of 1.6449 support will argue that deeper correction is underway to 38.2% retracement of 1.4281 to 1.7062 at 1.6000.

Daily Pivots: (S1) 0.9636; (P) 0.9647; (R1) 0.9662; More...

Intraday bias in EUR/CHF remains neutral for the moment. Some more consolidations could be seen. Further rally is still expected and decisive break of 0.9691 resistance will carry larger bullish implication, and target 0.9840 resistance next. However, break of 0.9595 support will indicate short term topping, and turn bias back to the downside for deeper pull back.

In the bigger picture, fall from 1.0095 (2023 high) might have completed at 0.9416, just ahead of 0.9407 support (2022 low). Sustained break of 0.9691 cluster resistance (38.2% retracement of 1.0095 to 0.9416 at 0.9675) will pave the way to 61.8% retracement at 0.9836 and above. However, rejection by 0.9691 will maintain medium term bearishness for another test on 0.9407 at least.

GBP/USD is gaining pace above the 1.2575 resistance. EUR/GBP declined heavily below the 0.8720 and 0.8695 support levels.

Important Takeaways for GBP/USD and EUR/GBP Analysis Today

• The British Pound is attempting a fresh increase above 1.2600.
• There is a key bullish trend line forming with support near 1.2575 on the hourly chart of GBP/USD at FXOpen.
• EUR/GBP is trading in a bearish zone below the 0.8720 pivot level.
• There is a major bearish trend line forming with resistance near 0.8695 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair remained well-bid above the 1.2450 level. As mentioned in the previous analysis, the British Pound started a decent increase above the 1.2500 zone against the US Dollar.

The bulls were able to push the pair above the 50-hour simple moving average and 1.2530. The pair even climbed above 1.2575 and traded as high as 1.2615. It is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 1.2449 swing low to the 1.2615 high.

On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2615. The next major resistance is near 1.2640.

A close above the 1.2640 resistance zone could open the doors for a move toward 1.2700. Any more gains might send GBP/USD toward 1.2740.

On the downside, there is a key support forming near a bullish trend line at 1.2575. If there is a downside break below 1.2575, the pair could accelerate lower. The next major support is near the 50% Fib retracement level of the upward move from the 1.2449 swing low to the 1.2615 high at 1.2530.

The next key support is seen near 1.2510, below which the pair could test 1.2450. Any more losses could lead the pair toward the 1.2370 support.

EUR/GBP Technical Analysis

On the hourly chart of EUR/GBP at FXOpen, the pair started a major decline from well above 0.8745. The Euro traded below the 0.8720 and 0.8700 support levels against the British Pound.

The EUR/GBP chart suggests that the pair even declined below the 0.8695 level and tested 0.8675. It is now consolidating losses and trading below the 50-hour simple moving average. The pair is now facing resistance near a major bearish trend line at 0.8695.

It is close to the 23.6% Fib retracement level of the downward move from the 0.8765 swing high to the 0.8672 low. The next major resistance could be 0.8720.

The 50% Fib retracement level of the downward move from the 0.8765 swing high to the 0.8672 low is also at 0.8720. A close above the 0.8720 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8745. Any more gains might send the pair toward the 0.8765 level.

Immediate support sits near 0.8675. The next major support is near 0.8650. A downside break below the 0.8650 support might call for more downsides. In the stated case, the pair could drop toward the 0.8600 support level.

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Daily Pivots: (S1) 1.3581; (P) 1.3648; (R1) 1.3701; More...

No change in USD/CAD's outlook. Stronger support is still expected from 38.2% retracement of 1.3091 to 1.3897 at 1.3589 to contain downside and bring rebound. Break of 1.3711 minor resistance will turn bias back to the upside for retesting 1.3897. However, sustained break of 1.3589 will indicate that deeper correction is underway to 61.8% retracement at 1.3399 next.

In the bigger picture, corrective pattern from 1.3976 (2022 high) should have completed with three waves down to 1.3091. Decisive break of 1.3976 high will confirm resumption of up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will remain the favored case as long as 1.3378 support holds.

Daily Pivots: (S1) 0.6559; (P) 0.6576; (R1) 0.6601; More...

Intraday bias in AUD/USD stays on the upside at this point. Current rise from 0.6269 is in progress for falling channel resistance (now at 0.6665) next. For now, outlook will remain bullish as long as 0.6520 support holds, in case of retreat.

In the bigger picture, there is no confirmation that down trend from 0.8006 (2021 high) has completed. While current rebound from 0.6269 might extend higher, it could be the third leg of the corrective pattern from 0.6169 (2022 low) only. For now, medium term bearishness will remain as long as 0.6894 resistance holds.

Daily Pivots: (S1) 1.2548; (P) 1.2581; (R1) 1.2638; More...

GBP/USD's rally continues today and intraday bias stays on the upside for the moment. Current rise from 1.2036 should target for 61.8% retracement of 1.3141 to 1.2036 at 1.2716 next. On the downside, below 1.2523 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 suggests that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

Daily Pivots: (S1) 0.8809; (P) 0.8829; (R1) 0.8848; More....

Intraday bias in USD/CHF stays on the downside as recent decline continues today. Current fall from 0.9243 should target 100% projection of 0.9243 to 0.8886 from 0.9111 at 0.8754 next. Nevertheless, break of 0.8873 resistance will turn bias to the upside for stronger rebound.

In the bigger picture, price actions from 0.8551 are currently seen as part of a corrective pattern to the decline from 1.0146 (2022 high). Fall from 0.9243 is seen as the second leg for now. 61.8% retracement of 0.8551 to 0.9243 at 0.8815 was already met. Sustained break there will bring retest of 0.8551 low. For now, this will remain the favored case as long as 0.9111 resistance holds.

The gold (XAU) price rose by 0.5% on Friday and finished the day above the important 2,000 mark for the first time since 27 October.

XAUUSD

Friday's trading session was relatively quiet, and the market closed early due to the Thanksgiving holiday. Gold continued to rise as the U.S. Dollar Index (DXY) weakened on expectations that the Federal Reserve (Fed) may be preparing to adopt a dovish monetary policy. Still, the economic data from the U.S. shows a mixed picture. Low consumer spending numbers indicate that the rate increases by the Fed are beginning to affect the economy. However, Friday's Purchasing Managers Indices (PMIs) were rather strong. Therefore, gold's next move is unclear. 'We don't see either a significant move higher or lower in the short run into next year, and it becomes more certain that the U.S. central bank is willing to cut interest rates and probably cut interest rates significantly before we reach the 2% inflation target,' said Bart Melek, the head of commodity strategies at T.D. Securities.

Easing tensions in the Middle East hasn't put a bearish pressure on gold so far. XAUUSD rose strongly during the Asian trading session but failed to consolidate above the 2,018 level and started to decline during the early European session. Today, the economic calendar is uneventful, and only the U.S. New Home Sales data release at 3:00 p.m. UTC may trigger some volatility. 'Spot gold may extend gains into a range of $2,026 to $2,032 per ounce, as it has pierced above a resistance at $1,999,' said Reuters analyst Wang Tao.

The Australian dollar (AUD) gained 0.38% on Friday as the U.S. dropped on expectations that the U.S. interest rates may have peaked.

Possible effects for traders

It's incredibly quiet, as you'd expect on the day after Thanksgiving, with liquidity still pretty thin and volumes again on the light side,' said Michael Brown, the market analyst at Trader X in London. Generally speaking, the market thinks the U.S. economy has reached a cyclical downturn, and more rate increases are unwarranted. AUDUSD has been trading in a bullish trend since 27 October, but future gains depend on inflation data and the monetary policy stance of the Reserve Bank of Australia (RBA). Shane Oliver, the chief economist at AMP, expects the Australian dollar to rise next year, citing reasons such as the currency being undervalued, favourable interest rate difference, rebounding commodity prices, and Australia's solid current account surplus.

AUDUSD was rising during the Asian and early European session. Today's trading session is expected to be relatively quiet, as there are no major economic reports. However, Wednesday's Australian monthly inflation report will be important to watch. In addition, tomorrow's speech by the RBA governor Michele Bullock at 1:20 a.m. UTC may give clues on the future interest rate path.