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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 202082, member: 29339"] [B][SIZE=5]GBP/USD Faces Hurdle, USD/CAD Remains In Uptrend[/SIZE][/B] [img]https://i.postimg.cc/Pq9223ST/GBPUSD-Cable-Sterling.jpg[/img] [B][I]GBP/USD is attempting a recovery wave from the 1.3280 zone. USD/CAD is rising and is showing positive signs above the 1.2700 support.[/I] [SIZE=3]Important Takeaways for GBP/USD and USD/CAD[/SIZE][/B] [LIST] [*] The British Pound found support near 1.3280 and started an upside correction. [*] There was a break above a key bearish trend line with resistance near 1.3330 on the hourly chart of GBP/USD. [*] USD/CAD started a major increase above the 1.2650 and 1.2700 resistance levels. [*] There is a crucial rising channel forming with support near 1.2685 on the hourly chart. [/LIST] [B][SIZE=3]GBP/USD Technical Analysis[/SIZE][/B] After a major decline, the British Pound found support above 1.3250 against the US Dollar. GBP/USD traded as low as 1.3278 on FXOpen and recently started an upside correction. The pair broke the 1.3320 resistance to move into a short-term positive zone. There was a break above the 23.6% Fib retracement level of the downward move from the 1.3512 swing high to 1.3278 low. Besides, there a break above a key bearish trend line with resistance near 1.3330 on the hourly chart of GBP/USD. [B]GBP/USD Hourly Chart[/B] [img]https://i.postimg.cc/WzPSPDRy/GBPUSD-Chart-3x.jpg[/img] It is now trading above the 1.3330 level and the 50 hourly simple moving average. An immediate resistance is near the 1.3370 level. The first major resistance is near the 1.3400 level. It is near the 50% Fib retracement level of the downward move from the 1.3512 swing high to 1.3278 low. If there is an upside break above the 1.3400 zone, the pair could rise towards 1.3500. The next key resistance could be 1.3550, above which the pair could gain strength. On the downside, the first key support is near the 1.3320 area. If there is a break below 1.3320, the pair could decline extend its decline. The next key support is near the 1.3280 level. Any more losses might call for a test of the 1.3200 support. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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