GBP/USD Near Crucial Juncture, USD/CAD Is Diving
GBP/USD started a fresh increase above 1.2820, but it is facing a strong resistance near 1.2980 and 1.3000. USD/CAD is currently declining and trading well below 1.3320.
GBP/USD Technical Analysis
In the past few days, the British Pound started a steady increase from the 1.2700 support zone against the US Dollar. The GBP/USD pair broke many hurdles near 1.2820 to move into a positive zone.
There was also a close above the 1.2900 level and the 50 hourly simple moving average. However, the pair is now facing a strong resistance near the 1.2980 and 1.3000 levels. The recent low was formed near 1.2837 on FXOpen, and the pair is currently moving higher.
There was a break above the 1.2920 resistance level. The pair surpassed the 50% Fib retracement level of the downward move from the 1.2978 high to 1.2837 low.
Read more about GBP/USD and USD/CAD Analysis on FXOpen blog...
GBP/USD started a fresh increase above 1.2820, but it is facing a strong resistance near 1.2980 and 1.3000. USD/CAD is currently declining and trading well below 1.3320.
GBP/USD Technical Analysis
In the past few days, the British Pound started a steady increase from the 1.2700 support zone against the US Dollar. The GBP/USD pair broke many hurdles near 1.2820 to move into a positive zone.
There was also a close above the 1.2900 level and the 50 hourly simple moving average. However, the pair is now facing a strong resistance near the 1.2980 and 1.3000 levels. The recent low was formed near 1.2837 on FXOpen, and the pair is currently moving higher.
There was a break above the 1.2920 resistance level. The pair surpassed the 50% Fib retracement level of the downward move from the 1.2978 high to 1.2837 low.
Read more about GBP/USD and USD/CAD Analysis on FXOpen blog...