Technical Summary: GBP Targets 1.6692

GBP-USD came off an intraday low of 1.6516 during the U.S. session to close higher at 1.6610 on Friday. The pair is now seen holding slightly above the 1.6602 level, with risk seen toward 1.6692. A convincing break and close above those key levels is required to relieve the pair of its short-term downtrend pressure.

Although EUR-USD is now holding above the 1.4844 level, its inability to hold on to its intraday gains should be viewed with caution. A follow-through higher (on this week's gains) must occur for the pair to consolidate its hold above the 1.4844 level and make further moves higher. The next resistance level lies at 1.4927.

The outlook for USD-JPY is lower. The pair declined sharply lower on Friday, wiping out almost all of the week's gains. Continued upside price rejection and a hold within its falling channel are suggestive of downside weakness. The next support comes at the 89.16 level. ...