Bearish price action this week on GBP/USD has been nothing short of remarkable. And this key pair continues to plummet as of Thursday noon in New York. Get the details by clicking here for today’s Chart of the Day.

UPDATE: With the incredibly bearish price action on this and other pairs as of early Friday morning in New York, Cable has made a record-breaking plunge to hit new and extreme lows. At this point, the downtrend momentum may have exhausted itself for the week, but any strong further bearish action going forward could potentially reach the 1.5100 region in the foreseeable future.

(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)

As of early Thursday morning in New York, price action on the AUD/USD daily chart, as shown, has just tentatively poked its head below the bottom border of a key inverted pennant/triangle pattern. This pair has been slower to break its consolidation than other pairs, most notably USD/JPY and GBP/USD, but it appears now to be attempting a significant bearish move. Any continued downward momentum on this break should meet initial support in the 0.6330 region, a strong breakdown of which would confirm a downtrend continuation in the pair.

UPDATE: Like other pairs as of early Friday morning in New York, AUD/USD has taken a massive dive, dropping well below the noted 0.6330 support level to confirm an almost unmistakable downtrend continuation. Further support resides in the 0.5870 region.

(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)

As of late Wednesday afternoon in New York, price on the USD/JPY (a daily chart of which is shown) has broken down well below the previous triangle formation, confirming what currently appears to be a bonafide downtrend continuation. Any further bearish price action off this break should target the 13-year low around 95.75 that was just hit in March.

UPDATE: As of early Thursday morning in New York, price on this pair currently appears to be continuing its major downmove from Wednesday. The next major support around 95.75, as noted above, continues to apply.

UPDATE 2: As of early Friday morning in New York, USD/JPY has taken a phenomenal dive to drop well below the above-mentioned support level. Dollar-Yen is in a whole new playing field now, and the bears are continuing to win in a major way. More technical updates to come …

(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)

Bearish price action on the EUR/USD pair (a daily chart of which is shown) was absolutely unrelenting on all of Tuesday and as of early Wednesday morning. In the process, a two-year low for the pair was reached. The bears seem to be in full force, and even if there is an impending consolidation or minor correction, which should soon be due, the overall market sentiment on this pair at this time appears strongly biased to the downside. In the event of this continued downward momentum, key support below resides around 1.2450, a major prior support/resistance region.

(Note: Please check back to this blog often, as I frequently add price action updates to the bottom of these posts on an ongoing basis. Thank you.)

UPDATE: Extremely bearish price action as of early Friday morning in New York has pushed the pair down to just around 45 pips shy of the major support target around 1.2450 as mentioned above. Price then retreated from this region. Going forward, key support should remain at that level.

(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)

As of Tuesday morning in New York, price on the USD/JPY daily chart, as shown, has moved towards the bottom border of the current triangle, as might have been expected. This triangle was highlighted on Monday’s Chart of the Day. In the event of a break to the downside, the next major support under the breakpoint should be the 98.50 region, a significant prior support/resistance level.

UPDATE: As of Tuesday noon in New York, fast-moving bearish price action has just poked its head below the bottom border of the triangle. Support to the downside is as mentioned above.

UPDATE 2: As of early Wednesday morning in New York, price broke down well below the above-mentioned triangle consolidation and slightly surpassed the 98.50 support target that was noted above. A further strong breakdown and close below this level should confirm a downtrend continuation off the triangle.

(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)

As of early Tuesday morning in New York, price on this volatile pair, the GBP/JPY (a daily chart of which is shown), has broken down well below the lower triangle border as mentioned on Monday’s post. This break appears significant, and with any further downward momentum, price could subsequently target the key 166.00 support level to the downside, which is the level of the last major swing low (an historical low in the pair).

UPDATE: As of early Wednesday morning in New York, price action has made a huge decline since Tuesday. The pair has not only broken the above-mentioned triangle in a major way, but has also broken down well below the prior 166.00 support level that was noted in the post above. In the process, price has confirmed a continuation of the steep downtrend that was in place prior to the triangle consolidation.

(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)

Following up from Monday’s post regarding the USD/CAD pair (a 4-hour chart of which is shown), price has indeed bounced up cleanly off the uptrend support line and has surpassed the mentioned 1.2000 key resistance level, as of early Tuesday morning in New York. After having broken above this level, price could now potentially be shooting for the long-term high around the 1.2120 region.

UPDATE: As of Tuesday noon in New York, price has far-surpassed the 1.2120 region, shooting for the next immediate resistance around the 1.2250 level.

UPDATE 2: As of early Wednesday morning in New York, price action on the USD/CAD has broken out well above the noted 1.2250 support/resistance level onto new and dizzying highs. In the event of continued upward momentum, key resistance to the upside resides around the 1.2700 region.

(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)

Monday’s fast-moving bearish price action on the GBP/USD daily chart, as shown, has broken down below a well-formed triangle formation. Any continued downward momentum on this break should target initial key support around the 1.6800 region, which is the level of the last major swing low (and the five-year low in the pair).

UPDATE: As of early Wednesday morning in New York, strong bearish price action in the last couple of days has brought price down well below the bottom point of the triangle (around 1.6800), thereby confirming a steep downtrend continuation.

(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)

Much like other currently consolidating pairs, the GBP/JPY daily chart, as shown, has recently been forming a significant triangle pattern. Since the overall trend is decidedly down, traders are watching this pair for a decisive breakdown below the triangle for a potential continuation move. In this event, relevant support levels to the downside will be posted here.

(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)

As shown on the accompanying USD/CAD 4-hour chart, price action as of early Monday morning in New York has retraced all the way down to the steep uptrend support line and bounced up off of it. Any continued upward momentum off this bounce should target the very important 1.2000 level once again. A subsequent breakdown below this uptrend line, on the other hand, should target key support around the 1.1530 prior support/resistance level.