GBP Upside Momentum Builds

A third day of closing higher is under way, as GBP-USD reversed its intraday losses at 1.6464 during the U.S. session today and now trades higher, maintaining marginal gains. This is coming on the back of intraday strength to as high as 1.6634. A hold above the 1.6602/92 level is required to relieve the pair of its ST downtrend.

EUR-USD remains hesitant, giving back its intraday losses as well as gains today. Though currently trading above its key resistance at the 1.4844 level, a firm hold above there is required to signal further upside strength.

Although USD-JPY was seen reversing its intraday losses off a 4-hour (chart) hammer today, while holding below the 91.31 level and within its falling channel, threats remain to the downside.

Outlook for AUD-USD remains higher, having held above its MT rising trend line, but must break and hold above the 0.9275 level to expose the 0.9327 level.

Declines following its third day of downside losses have subsided, putting USD-CAD on temporary recovery mode today. A build up on that may put pressure on its Nov. 03 high at 1.0851.

Downside weakness continues to dominate EUR-GBP despite its rejection candle printed on Wednesday. Price action today saw the cross weakening after backing off its intraday highs.

EUR-JPY reversed its earlier weakness to as low as 132.49 and was seen trading at the 134.74 level as at the time of this analysis. The next upside lies at the 135.05 level.