GBP Upside Momentum Builds

Plus a look at movement in the major pairs.
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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.

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.