GBP/USD Reaches Key Support, USD/CAD Gains Bullish Momentum – Analysis and Forecasts

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GBP/USD started a negative correction below 1.2250. USD/CAD is rising and may gain momentum above the 1.3700 resistance zone.

Important Takeaways for GBP/USD and USD/CAD

· The British Pound managed to move above the 1.2200 and 1.2250 resistance levels.

· A key bullish trend line is forming with support near 1.2220 on the hourly chart GBP/USD.

· USD/CAD rose above 1.3600 and 1.3620 resistance levels.

· It broke a major bearish trend line with resistance near 1.3660 on the hourly chart.

GBP/USD Technical Analysis

After forming a base above 1.2100, the British Pound started a steady rise against the US Dollar. GBP/USD gained momentum to move above the 1.2150 and 1.2200 resistance levels.

There was a move above 1.2250 resistance and the 50 hourly simple moving average. The pair moved above the 1.2300 level and traded up to 1.2322 on the FXOpen. It is now paring gains and trading below the 1.2300 level…More Info: Blog FXOpen


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Jesuraj S

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