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GBP/USD and USD/CAD 2023 Chart Outlook – Analytics & Forecasts – 2 January 2023

Byadmin

Jan 2, 2023

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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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Image and article originally from www.mql5.com. Read the original article here.