Technical Summary: Pound Rolls Over

GBP-USD: The currency pair failed to sustain its corrective strength at 1.6692 and subsequently collapsed, declining sharply through key supports at the 1.6466 and 1.6411 levels on Friday. It is back into its falling channel and now risks further downside losses.

EUR-USD tested a high of 1.5059 before backing off to close lower at 1.5009. With a weekly close above the 1.5000 level registered, threats remain to the upside, with eyes on the 1.5082 level.

USD-JPY: The outlook remains higher in the near term, with the pair having reversed higher off the 88.00 level and sustaining that strength. With a positive close on Friday, the pair now eyes the 92.52 level.

EUR-JPY retains its upside offensive triggered off the 128.98 level. It has strengthened for the fourth week in a row and has broken above its symmetrical triangle. It now looks to take a stab at the 138.71 level.

While its counterpart (GBP-USD) was rolling over, EUR-GBP was strengthening, wiping out its entire losses for the week to close higher at 0.9199. That leaves upside risk toward the 0.9299 level.

AUD-USD continues to print higher weekly prices, testing a high of 0.9327 though failing to move past that level late in the week. That level remains the next upside target if momentum picks up in the coming week.

USD-CAD closed higher for the week, the first time it has done that since losing upside momentum at the 1.0991 level and hitting a low of 1.0204. The next resistance level lies at 1.0590.