GBP/USD Turns Red, USD/CAD is Consolidating Gains
GBP/USD started a strong decline from well above the 1.2750 level and it broke the 1.2550 support. Conversely, USD/CAD climbed towards 1.3680 and it is currently consolidating gains.
GBP/USD Technical Analysis
In the past few days, the British Pound followed a bearish path from well above 1.2750 against the US Dollar. The GBP/USD pair broke many important supports such as 1.2650 and 1.2550 to enter a bearish zone.
The pair even broke the 1.2420 support level and settled below the 50 hourly simple moving average. A new weekly low is formed near the 1.2335 level on FXOpen and the pair is currently correcting higher.
An initial resistance on the upside is near the 1.2400 and 1.2420 levels. The 23.6% Fib retracement level of the downward move from the 1.2687 high to 1.2335 low is also near 1.2420 along with the 50 hourly simple moving average.
Read more about GBP/USD and USD/CAD Analysis on FXOpen blog...
GBP/USD started a strong decline from well above the 1.2750 level and it broke the 1.2550 support. Conversely, USD/CAD climbed towards 1.3680 and it is currently consolidating gains.
GBP/USD Technical Analysis
In the past few days, the British Pound followed a bearish path from well above 1.2750 against the US Dollar. The GBP/USD pair broke many important supports such as 1.2650 and 1.2550 to enter a bearish zone.
The pair even broke the 1.2420 support level and settled below the 50 hourly simple moving average. A new weekly low is formed near the 1.2335 level on FXOpen and the pair is currently correcting higher.
An initial resistance on the upside is near the 1.2400 and 1.2420 levels. The 23.6% Fib retracement level of the downward move from the 1.2687 high to 1.2335 low is also near 1.2420 along with the 50 hourly simple moving average.
Read more about GBP/USD and USD/CAD Analysis on FXOpen blog...