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Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 194008, member: 29339"] [B]GBP/USD is Diving, USD/CAD Could Start Steady Increase[/B] [IMG]https://i.postimg.cc/j5rqfSZK/GBPUSD-Sterling-1.jpg[/IMG] [I]GBP/USD failed to stay above 1.3800 and extended its decline. USD/CAD is showing positive signs, but it must clear 1.2570 for a decent increase in the near term.[/I] [B]Important Takeaways for GBP/USD and USD/CAD[/B] [LIST] [*] [*]The British Pound started a fresh decline from well above the 1.3850 support zone. [*]There is a key declining channel forming with resistance near 1.3715 on the hourly chart of GBP/USD. [*]USD/CAD found support near the 1.2525 zone and it is now recovering higher. [*]Earlier, there was a break below a key contracting triangle with support near 1.3565 on the hourly chart. [/LIST] [B]GBP/USD Technical Analysis[/B] [IMG]https://i.postimg.cc/jjfdC76Z/gbpusd-chart-1.png[/IMG] This past week, the British Pound failed to stay above the 1.3850 and 1.3800 support levels against the US Dollar. As a result, the GBP/USD pair started a fresh decline and it even broke the 1.3750 support zone. There was a close below the 1.3750 level and the 50 hourly simple moving average. The pair declined below the 1.3700 level and it traded as low as 1.3670. Recently, there was an upside correction above 1.3700, but the pair struggled to clear the 1.3750 zone. A high was formed near 1.3744 and the pair is now declining. It broke the 50% Fib retracement level of the upward move from the 1.3670 low to 1.3744 high. There is also a key declining channel forming with resistance near 1.3715 on the hourly chart of GBP/USD. The pair is now trading near the 76.4% Fib retracement level of the upward move from the 1.3670 low to 1.3744 high. It seems like the pair might continue to move down below the 1.3670 support zone. The next major support is near the 1.3620 level, below which the pair might test 1.3580. On the upside, the 1.3720 zone is a major hurdle along with the 50 hourly simple moving average. A successful close above the 1.3720 and 1.3750 levels could open the doors for a decent increase in the coming sessions. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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