GBP/USD Reaches Key Support, USD/CAD Gains Bullish Momentum

GBP/USD started a downside correction below 1.2250. USD/CAD is rising and might gain pace above the 1.3700 resistance zone.

Important Takeaways for GBP/USD and USD/CAD

· The British Pound was able to move above the 1.2200 and 1.2250 resistance levels.

· There is a key bullish trend line forming with support near 1.2220 on the hourly chart of GBP/USD.

· USD/CAD climbed higher above the 1.3600 and 1.3620 resistance levels.

· It cleared a major bearish trend line with resistance near 1.3660 on the hourly chart.

GBP/USD Technical Analysis

After forming a base above the 1.2100, the British Pound started a steady increase against the US Dollar. GBP/USD gained pace for a move above the 1.2150 and 1.2200 resistance levels.

There was a move above the 1.2250 resistance and the 50 hourly simple moving average. The pair even moved above the 1.2300 level and traded as high as 1.2322 on FXOpen. It is now correcting gains and trading below the 1.2300 level...More  info:  blog  FXOpen