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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 195912, member: 29339"] [B]GBP/USD Remains In Uptrend, USD/CAD Could Extend Losses[/B] [IMG]https://i.postimg.cc/TwJ9CX7Q/GBPUSD-Cable.jpg[/IMG] [I]GBP/USD is holding gains above the 1.4100 and 1.4120 support levels. USD/CAD is struggling and it could decline further if it breaks the 1.2060 support.[/I] [B]Important Takeaways for GBP/USD and USD/CAD[/B] [LIST] [*] [*]The British Pound started a fresh increase above the 1.4100 resistance level. [*]There was a break above a key bearish trend line with resistance near 1.4190 on the hourly chart of GBP/USD. [*]USD/CAD declined steadily after it failed to clear the 1.2140 resistance zone. [*]There is a major bullish trend line forming with support near 1.2070 on the hourly chart. [/LIST] [B]GBP/USD Technical Analysis[/B] The British Pound remained well bid above the 1.4080 and 1.4100 support levels against the US Dollar. The last swing low was formed near 1.4100 before the GBP/USD started a fresh increase. The recent low was formed near 1.4136 on FXOpen and the pair is now rising steadily. It broke the 1.4150 resistance level and the 50 hourly simple moving average. There was a break above the 50% Fib retracement level of the downward move from the 1.4219 high to 1.4136 low. [IMG]https://i.postimg.cc/cC1cz5PW/gbpusd-chart-4.png[/IMG] There was also a break above a key bearish trend line with resistance near 1.4190 on the hourly chart of GBP/USD. The pair is now trading nicely above the 1.4180 level. It is testing the 76.4% Fib retracement level of the downward move from the 1.4219 high to 1.4136 low. A clear break above the 1.4200 resistance level could open the doors for a larger increase. In the stated case, the pair could rise towards the 1.4220 resistance. The next major resistance is near 1.4235, above which GBP/USD might test the 1.4300 zone. An initial support on the downside is near the 1.4180 level. The first major support is near the 1.4165 level and the 50 hourly simple moving average. Any more losses could open the doors for a move towards the 1.4120 support zone. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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