GBP/USD Starts Recovery While USD/CAD Faces Key Resistance

GBP/USD is correcting losses and trading above the 1.2000 zone. USD/CAD is struggling to clear the 1.3650 resistance zone.

Important Takeaways for GBP/USD and USD/CAD

· The British Pound started a decent recovery wave above the 1.2000 resistance zone.

· There was a break above a key bearish trend line with resistance near 1.1965 on the hourly chart of GBP/USD.

· USD/CAD is struggling below the 1.3640 and 1.3650 support levels.

· There is a major bearish trend line forming with resistance near 1.3640 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a fresh decline from well above 1.2120 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.2050 support.

The pair even broke the 1.2000 support level and the 50 hourly simple moving average. The recent swing high was formed near 1.1925 on FXOpen before the price started an upside correction. There was a move above the 1.1980 level...More  info:  blog  FXOpen