GBP/USD Takes A Hit, USD/CAD Eyes More Gains
Aggiornato
GBP/USD started a major decline below the 1.3000 support. USD/CAD gained bullish momentum for a move above the 1.2650 level.
Important Takeaways for GBP/USD and USD/CAD
· The British Pound started a fresh decline from the 1.3100 resistance zone.
· There is a short-term bearish trend line forming with resistance near 1.2820 on the hourly chart of GBP/USD.
· USD/CAD started a fresh increase from well below the 1.2550 zone.
· There was a break above a major bearish trend line with resistance near 1.2550 on the hourly chart.
GBP/USD Technical Analysis
After struggling to clear the 1.3100 resistance zone, the British Pound found started a fresh decline against the US Dollar. GBP/USD traded below the 1.3000 support level to move into a bearish zone.
The bears gained strength for a move below the 1.2900 level and the 50 hourly simple moving average. The pair even spiked below the 1.2800 level and traded as low as 1.2793 on FXOpen. It is now consolidating above the 1.2800 level.
GBP/USD Hourly Chart
An immediate resistance is near the 1.2820 level. There is also a short-term bearish trend line forming with resistance near 1.2820 on the hourly chart of GBP/USD.
The next key resistance is near the 1.2860 level. It is near the 23.6% Fib retracement level of the downward move from the 1.3090 swing high to 1.2793 low. The first major resistance is near the 1.2940 level.
The 50% Fib retracement level of the downward move from the 1.3090 swing high to 1.2793 low is also near the 1.2940 level. If there is an upside break above the 1.2940 zone, the pair could rise towards 1.3000. The next key resistance could be 1.3050, above which the pair could gain strength.
On the downside, the first support is near the 1.2800 area. The first major support is near the 1.2750 level. If there is a break below 1.2750, the pair could extend its decline. The next key support is near the 1.2625 level. Any more losses might call for a test of the 1.2550 support.
Important Takeaways for GBP/USD and USD/CAD
· The British Pound started a fresh decline from the 1.3100 resistance zone.
· There is a short-term bearish trend line forming with resistance near 1.2820 on the hourly chart of GBP/USD.
· USD/CAD started a fresh increase from well below the 1.2550 zone.
· There was a break above a major bearish trend line with resistance near 1.2550 on the hourly chart.
GBP/USD Technical Analysis
After struggling to clear the 1.3100 resistance zone, the British Pound found started a fresh decline against the US Dollar. GBP/USD traded below the 1.3000 support level to move into a bearish zone.
The bears gained strength for a move below the 1.2900 level and the 50 hourly simple moving average. The pair even spiked below the 1.2800 level and traded as low as 1.2793 on FXOpen. It is now consolidating above the 1.2800 level.
GBP/USD Hourly Chart
An immediate resistance is near the 1.2820 level. There is also a short-term bearish trend line forming with resistance near 1.2820 on the hourly chart of GBP/USD.
The next key resistance is near the 1.2860 level. It is near the 23.6% Fib retracement level of the downward move from the 1.3090 swing high to 1.2793 low. The first major resistance is near the 1.2940 level.
The 50% Fib retracement level of the downward move from the 1.3090 swing high to 1.2793 low is also near the 1.2940 level. If there is an upside break above the 1.2940 zone, the pair could rise towards 1.3000. The next key resistance could be 1.3050, above which the pair could gain strength.
On the downside, the first support is near the 1.2800 area. The first major support is near the 1.2750 level. If there is a break below 1.2750, the pair could extend its decline. The next key support is near the 1.2625 level. Any more losses might call for a test of the 1.2550 support.
Nota
Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.
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