Technical Summary: GBPUSD Remains Vulnerable

Although EUR is now seeing weakeness following its recovery run to the upside, it still retains its medium term outlook with scope towards its YTD high at 1.4844.Having backed off the 1.6046 level to close lower on Tuesday, a follow-through lower was seen today though marginally. Broader bias still remains lower with bearish outlook targeting the 1.5768 level. USDJPY was seen reversing its intra day declines through the 88.21 level today and now trades at the 88.80/5 level. Though still vulnerable, holding at the current price level may generate a bounce higher. AUDUSD continues to hold on to its medium term bullish structure although it lost momentum at the 0.8950 level where its strong resistance is located. The 0.8857 level now comes in as the immediate support. USDCAD is presently trading higher on a hammer after declining to a low of 1.0526 in early trading today. The mentioned hammer on a closing basis today may provide the platform for a higher recovery but overall the pair remains bearish.EURGBP has also turned lower after failing to push above the 0.9275 level today with immediate risk being a decline towards the 0.9196 level.EURJPY remains vulnerable to the downside as it was seen breaking out of its triangle pattern. Threats remain for further declines if the metioned break is sustained at the end of today's trading. Gold continues to head higher printing a fresh all time high of 1,048 today.Crude Oil continues to trade below its broken MT rising trendline selling off strongly after failing at 71.69 today.overing