GBP-USD: This pair saw a follow-through higher on Friday and tested an intraday high of 1.6705 before backing off to close the session at 1.6665. Decisive invalidations of the 1.6692 and the 1.6642 levels must occur for the pair to completely remove the current downward pressure and turn risk toward the 1.7041 level.

In the medium term,

EUR-USD's

current price action remains corrective as long as it holds firmly above its long-term rising trend line and its major exponential moving averages, which are sloping higher and leaving targets at the 1.5000 and the 1.5062 levels.

Our outlook for

USD-JPY

remains lower as it holds within its established falling channel. The pair weakened on Friday, selling off hard, reversing its Thursday gains and creating further downside potential toward the 89.16 level.

Though weakening on Thursday,

EUR-JPY

continues to hold within its established symmetrical triangle. A resolution either way is required to trigger meaningful directional moves.

USD-CAD

remains vulnerable to the downside having continued to weaken since losing upside momentum at the 1.0867 level. This leaves downside risk toward the 1.0414 and the 1.0204 levels.

We retain our bearish outlook on

EUR-GBP

nearer term. The pair has reversed its higher recovery attempts on Thursday and Friday. Downside objectives are located at the 0.8896 and the 0.8837 levels.

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 also produces

The Professional Suite

for his subscribers. 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.