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GBP/USD started a downside correction from 1.2450. USD/CAD is signaling a fresh decline towards the 1.3300 and 1.3200 support levels.
Important Takeaways for GBP/USD and USD/CAD
· The British Pound struggled to clear the 1.2420 and 1.2450 resistance levels.
· Earlier, there was a break above a major bearish trend line with resistance near 1.1700 on the daily chart of GBP/USD.
· USD/CAD is facing a strong resistance near the 1.3700 zone.
· It traded below a key contracting triangle with support near 1.3600 on the daily chart.
GBP/USD Technical Analysis
After forming a base above the 1.0350, the British Pound started a steady increase against the US Dollar. GBP/USD gained pace for a move above the 1.1100 and 1.1500 resistance levels.
There was a move above the 1.2000 resistance and the 50-day simple moving average. During the increase, there was a break above a major bearish trend line with resistance near 1.1700 on the daily chart of GBP/USD….More info: blog FXOpen
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