GBP/USD could gain pace if it clears the 1.2320 resistance zone. USD/CAD is sliding and could extend losses below the 1.2870 level.
Important Takeaways for GBP/USD and USD/CAD
· The British Pound is attempting an upside correction from the 1.2150 support zone.
· There is a key bullish trend line forming with support near 1.2230 on the hourly chart of GBP/USD.
· USD/CAD started a fresh decline from the 1.3020 resistance zone.
· There was a break below a connecting bullish trend line with support near 1.2960 on the hourly chart.
GBP/USD Technical Analysis
After a downside break, the British Pound found support near the 1.2150 zone against the US Dollar. GBP/USD remained well bid above 1.2150 and recently corrected higher.
A low was formed near 1.2169 on FXOpen and the pair climbed above the 1.2200 resistance zone. There was a clear move above the 1.2250 resistance zone and the 50 hourly simple moving average. The pair even spiked above the 1.2300, but faced sellers near 1.2320….More info: blog FXOpen