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The British Pound started a fresh decline from well above 1.3800 against the US Dollar. The GBP/USD pair even traded below the 1.3720 level to move into a bearish zone.

A low was formed near 1.3640 and the pair settled below the 50 hourly simple moving average. Recently, there was a minor recovery wave above 1.3660. There was a break above a key bearish trend line at 1.3665 on the hourly chart.

However, the pair is struggling to clear the 1.3680 resistance and the 50 hourly simple moving average. If there is a clear break above the 1.3680 and 1.3700 resistance levels, the pair could rise towards the 1.3750 level.

On the downside, an initial support is near the 1.3640 level. A break below the 1.3645 and 1.3640 support levels could lead the pair towards 1.3600 on FXOpen.

Daily Pivots: (S1) 148.72; (P) 149.43; (R1) 149.90; More...

Intraday bias in GBP/JPY remains on the downside with focus on 148.43/149.16 key support zone. Decisive break there will resume whole fall from 156.05 to 143.78 fibonacci level. On the upside, above 150.80 minor resistance will turn intraday bias back to the upside for 152.82 resistance instead.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Daily Pivots: (S1) 127.81; (P) 128.25; (R1) 128.51; More....

Intraday bias in EUR/JPY remains mildly on the downside at this point. Firm break of 127.91 low will will resume whole fall from 134.11 and target 127.07 resistance turned support. Sustained break there will carry larger bearish implication and pave the way to 121.91 fibonacci level. On the upside, however, break of 129.65 will turn bias back to the upside for 130.73 resistance instead.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, deeper fall would be seen to 61.8% retracement of 114.42 to 134.11 at 121.94.

Daily Pivots: (S1) 0.8566; (P) 0.8580; (R1) 0.8598; More...

Intraday bias in EUR/GBP is mildly on the upside for 0.8612 resistance. Break will extend the rebound from 0.8448 to 0.8688 key structural resistance. Sustained break there will be a strong sign of larger bullish reversal. On the downside, however, break of 0.9499 support will bring another fall towards 0.8448 low instead.

In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8668 resistance holds, towards long term support at 0.8276. However, firm break of 0.8668 resistance would argue that a medium term bottom was already formed. Stronger rise would be seen to 0.8861 support turned resistance to confirm completion of the corrective pattern.

Daily Pivots: (S1) 1.6136; (P) 1.6185; (R1) 1.6258; More...

No change in EUR/AUD's outlook despite loss of upside momentum. With 1.6059 minor support intact, further rise is still in favor for retesting 1.6434 high. With 1.5898 support intact, larger rise from 1.5250 is still in progress, and break of 1.6434 will confirm resumption, for 1.6988 fibonacci level. On the downside, break of 1.6059 minor support will turn bias back to the downside for 1.5898 structural support instead.

In the bigger picture, rise from 1.5250 medium term bottom is currently seen as a correction to the down trend from 1.9799 first. Stronger rise could be seen to 38.2% retracement of 1.9799 to 1.5250 at 1.6988 next. We'd tentatively expect strong resistance from there to limit upside, at least on first attempt. Meanwhile, break of 1.5898 support will indicate that the rebound has completed. Larger down trend from 1.9799 might be ready to resume through 1.5250 low.

Daily Pivots: (S1) 1.0802; (P) 1.0844; (R1) 1.0872; More....

EUR/CHF's break of 1.0837 support suggests that rebound from 1.0694 has completed at 1.0936. Intraday bias is turned back to the downside for retesting 1.0694 low. Break there will resume whole decline from 1.1149. On the upside, break of 1.0936 will resume the rebound to 1.0985 resistance instead.

In the bigger picture, the stronger than expected rebound from 1.0694 and break of 55 week EMA (now at 1.0861) mixes up the medium term outlook. On the upside, break of 1.1149 will resume the whole rise from 1.0505 (2020 low). On the downside, break of 1.0694 will revive some medium term bearishness for 1.0505 and below.

Daily Pivots: (S1) 0.7210; (P) 0.7246; (R1) 0.7271; More...

Downside momentum is diminishing in AUD/USD, but with 0.7320 minor resistance intact, fall from 0.7277 is still in progress for 0.7105 low first. Firm break there will resume whole decline from 0.8006 for 0.6991 support next. On the upside, above 0.7320 minor resistance will turn bias back to the upside for 0.7477 resistance instead.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we're seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 1.2753; (P) 1.2801; (R1) 1.2858; More...

Intraday bias in USD/CAD remains neutral for the moment. On the upside, above 1.2891 will target a test on 1.2947 high. On the downside, however, break of 1.2635 minor support will turn bias back to the downside for 1.2492 support. Overall, rise from 1.2005 is still in progress with 1.2421 support intact. Firm break of 1.2947 will target 1.3022 fibonacci level next.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.1710; (P) 1.1730; (R1) 1.1744; More...

While EUR/USD is losing some downside momentum, further fall is still expected with 1.1788 minor resistance intact. Fall form 1.1908 would target 1.1663 support. Firm break there will resume the fall from 1.2265, and the pattern from 1.2348, to 1.1602 key support next. On the upside, above 1.1788 minor resistance will turn bias back to the upside for 1.1908 again.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally remains in favors long as 1.1602 support holds, to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516). However sustained break of 1.1602 will argue that the rise from 1.0635 is over, and turn medium term outlook bearish again. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289 and below.

Daily Pivots: (S1) 1.3636; (P) 1.3665; (R1) 1.3688; More...

GBP/USD is losing some downside momentum, but with 1.3714 minor resistance intact, further fall is expected for 1.3570/3601 support zone. . Larger decline from 1.4248 is likely resuming and break of 1.3570 will target 1.3482 key support level. Sustained break there will carry larger bearish implication and target 1.3163 fibonacci level. On the upside, above 1.3714 minor resistance will turn intraday bias back to the upside for 1.3912 resistance instead.

In the bigger picture, as long as 1.3482 resistance turned support holds, we'd still treat price actions from 1.4248 as a corrective move. That is, up trend from 1.1409 (2020 low) is in favor to resume. Decisive break of 1.4376 key resistance (2018 high) would indeed carry long term bullish implications. However, sustained break of 1.3482 will at least bring deeper fall to 38.2% retracement of 1.1409 to 1.4248 at 1.3164, or even further to 61.8% retracement at 1.2493.