British Pound Slips Toward Rising Trend Line

Loss of upside momentum at the 1.6842 level continues to put GBP-USD under pressure, trading to within a few pips from its short-term rising trend line (at 1.6506), drawn from the 1.5706 level today. Risk still remains lower, with a break of, or a bounce off, the trend line now envisaged.

In a similar fashion, EUR-USD reversed its intraday gains today and was seen declining toward its psychological level at 1.4900. Below there the pair will turn its focus toward stronger support, located at the 1.4844 level.

Momentum build-up saw USD-JPY following through higher on its Wednesday recovery off the 89.27 level today, trading to a high of 90.42. That leaves risk higher, toward the 91.31 level.

AUD-USD backed off its intraday high at the 0.9368 level today, turning back lower toward its support seen at the 0.9275 level. That level is expected to fence off the bulls, thereby pushing the pair higher again.

Though trapped in its symmetrical triangle, EUR-JPY looks to retarget the 135.71 level, where a break will open up further upside toward the 138.87 level.

Though recovering from its recent declines, EUR-GBP saw an upside momentum failure at the 0.9064 level today. That level must give way to bring further corrective strength toward the 0.9239 level.

After slipping since the beginning of the week, USD-CAD halted that weakness temporarily today, trading to as high as 1.0414. Next resistance is at the 1.0605 level.