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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 213044, member: 29339"] [B][SIZE=5]GBP/USD Turns Red While USD/CAD Aims Higher[/SIZE][/B] [img]https://i.postimg.cc/yd4mBw9G/gbp.jpg[/img] [I]GBP/USD is trading in a bearish zone below the 1.1480 and 1.1440 support levels. USD/CAD is surging and could continue to rise above the 1.3300 resistance zone.[/I] [B]Important Takeaways for GBP/USD and USD/CAD[/B] [LIST] [*] The British Pound started a major decline below the 1.1550 support zone. [*] There is a key bearish trend line forming with resistance near 1.1415 on the hourly chart of GBP/USD. [*] USD/CAD started a fresh increase above the 1.3200 resistance zone. [*] There is a connecting bullish trend line forming with support near 1.3220 on the hourly chart. [/LIST] [B][SIZE=5]GBP/USD Technical Analysis[/SIZE][/B] After a strong rejection near 1.1740, the British Pound started a fresh decline against the US Dollar. GBP/USD declined heavily below the 1.1550 support zone. There was a move below the 1.1500 support zone and the 50 hourly simple moving average. The pair even traded below the 1.1480 support zone and formed a low near 1.1350 on FXOpen. It is now consolidating losses above the 1.1350 level. [B]GBP/USD Hourly Chart[/B] [img]https://i.postimg.cc/QtQpM0Jd/gbpx.jpg[/img] An immediate resistance is near the 1.1415 level. There is also a key bearish trend line forming with resistance near 1.1415 on the hourly chart of GBP/USD. The next resistance is near the 1.1440 level or the 38.2% Fib retracement level of the downward move from the 1.1589 swing high to 1.1350 low. The main resistance is near the 1.1480 level. It is near the 50% Fib retracement level of the downward move from the 1.1589 swing high to 1.1350 low. If there is an upside break above the 1.1480 zone, the pair could rise towards 1.1550. The next key resistance could be 1.1580, above which the pair could gain strength. On the downside, an initial support is near the 1.1380 area. The first major support is near the 1.1350 level. If there is a break below 1.1350, the pair could extend its decline. The next key support is near the 1.1300 level. Any more losses might call for a test of the 1.1240 support. [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I]Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.[/I] [/QUOTE]
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