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GBP/USD Nosedives While USD/CAD Gains Strength

GBP/USD Nosedives While USD/CAD Gains Strength

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GBP/USD accelerated below the 1.1850 and 1.1750 support levels. USD/CAD is on the rise and may continue to rise above the 1.3075 resistance area.

Important takeaways GBP/USD and USD/CAD

· GBP started a big decline below the 1.1850 support area.

· A key bearish trendline is forming on the hourly chart of GBP/USD with resistance near 1.1830.

· USD/CAD started another rally above the 1.3000 resistance area.

· There was a break above a significant downtrend line near 1.2970 on the hourly chart.

GBP/USD Technical Analysis

After a strong rejection near 1.2000, the British pound started another decline against the US dollar. GBP/USD fell sharply below the 1.1920 support area.

The move was below the 1.1850 support area and the 50-hour simple moving average. The pair even traded below the 1.1750 support area and formed a low near 1.1655. It is now consolidating losses above the 1.1650 level.

GBP/USD Hourly Chart

Immediate resistance is near the 1.1710 level. It is near the 23.6% Fib retracement level down the move from the 1.1900 swing high to the 1.1655 low.

The next key resistance is near the 1.1780 level. It is close to the 50% Fib retracement level down the move from the 1.1900 swing high to the 1.1655 low. The main resistance is now forming near the 1.1820 zone.

Additionally, a key bearish trend line is forming on the GBP/USD hourly chart with resistance near 1.1830. If there is a break above the 1.1820 area, the pair may move towards 1.1900. The next key resistance could be 1.1950, above which the pair could strengthen.

On the downside, the initial support is near the 1.1650 area. The first significant support is near the 1.1620 level. If the break comes below 1.1620, the pair can continue its decline. The next key support is near the 1.1550 level. Further losses may require testing the 1.1500 support.

USD/CAD Technical Analysis

The US dollar started a fresh rally above the 1.2950 resistance area against the Canadian dollar. USD/CAD accelerated above the 1.3000 resistance area.

There was a break above an important downtrend line with resistance near 1.2970 on the hourly chart. The pair even rose above the 1.3020 level and the 50-hour simple moving average. It is trading as high as 1.3073 and is currently consolidating gains.

USD/CAD hourly chart

Immediate support is near the 1.3035 level. It is near the 23.6% Fib retracement level on the upside from the 1.2904 swing to the 1.3073 high.

The first significant support is near the 1.3000 level. Any further losses could potentially open the doors for a drop towards the 50% Fib retracement level on the upside from the 1.2904 swing to 1.3073 highs in the near term.

On the upside, the pair’s resistance is near 1.3075. The next major resistance is near the 1.3120 level. A clear break above the 1.3120 level could open the door to further gains.

The next major resistance is near the 1.3200 level, above which USD/CAD could move steadily towards the main resistance area at 1.3250.

This forecast represents the opinion of FXOpen Markets Limited only and should not be construed as an offer, invitation or recommendation of FXOpen Markets Limited’s products and services or as financial advice.

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