Currency Review: Pound Strength Continues

By Mohammed Isah of fxtechstrategy.com

EUR-USD: The outlook looks corrective to consolidation in the near term, with the pair having closed lower Friday after failing to push through the 1.4966 level. That leaves initial support at 1.4844.

Having halted its short-term declines initiated at the 1.7041 level and activated a corrective recovery, GBP-USD was seen closing higher for a fourth day in a row Friday after touching a low of 1.5706. Upside risk remains toward its declining trend line, which currently is at 1.6452.

EUR-GBP: The pair maintains its offered tone, weakening further on Friday to as low as 0.9092. The next support lies at the 0.9076 level.

AUD-USD gave back its Thursday gains at the close of the session Friday and sold off sharply to close lower at 0.9162, leaving further declines targeting the 0.9089 level.

USD-JPY rose sharply higher earlier in the day but backed off higher prices to close marginally higher at 90.88.

EUR-JPY failed to follow through higher Friday and collapsed to a close of 135.47. Threats remain toward the 135.45 level.

USD-CAD has triggered a corrective upside following its recent run to the downside and maintained a second day of upside Friday. Upside risk is seen toward 1.0590.