GBP/USD Faces Key Hurdle, USD/CAD Could Rise Further

10 October 2022, 12:20

GBP/USD struggled to clear 1.1500 and corrected lower. USD/CAD is rising and might climb further above the 1.3800 resistance.

Important Takeaways for GBP/USD and USD/CAD

· The British Pound failed to gain strength for a move above the 1.1500 resistance.

· There is a key bearish trend line forming with resistance near 1.1130 on the hourly chart of GBP/USD.

· USD/CAD started a fresh increase above the 1.3600 resistance zone.

· There was a clear move above a major bearish trend line with resistance at 1.3650 on the hourly chart.

GBP/USD Technical Analysis

After forming a base above the 1.0850, the British Pound started a steady recovery wave against the US Dollar. GBP/USD gained pace for a move above the 1.1000 and 1.1200 resistance levels.

There was a move above the 1.1350 resistance and the 50 hourly simple moving average. However, the pair faced a strong resistance near the 1.1500 zone. A high was formed near 1.1496 on FXOpen and recently there was a downside correction...More  info:  blog  FXOpen 

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