As GBP/USD attempts to recover from the 1.2300 level, it is facing key resistance near 1.2520. The pair has been struggling to break above this resistance, with a major bearish trend line forming at this level. The recent decline from the 1.2900 zone has put the British Pound in a bearish zone against the US Dollar. With the pair trading below the 1.2600 support, the bulls are trying to maintain control near the 1.2300 level. However, a close above the 1.2600 resistance could signal a decent upward wave, leading the pair towards the 1.2750 and 1.2900 levels. On the downside, support is seen at 1.2400, with a risk of further decline towards 1.2120 if this level is breached.
USD/CAD Consolidation Phase
On the other hand, USD/CAD is currently consolidating above the 1.3660 support zone after testing the 1.3760 resistance level. The pair formed a strong support base above 1.3180 and started a fresh increase above 1.3370. However, a downside correction was seen after testing the 1.3850 zone, leading to a dip below the 1.3760 support. The pair is now stable above 1.3660, with initial resistance at 1.3760. A clear break above this level could initiate another steady increase towards 1.3845 and 1.3950. Alternatively, a downside break below 1.3620 could push the pair lower towards the 50-day simple moving average at 1.3370.
GBP/USD is struggling to break above key resistance at 1.2520 while attempting a recovery wave from 1.2300. On the other hand, USD/CAD is consolidating above the 1.3660 support level and might aim for a move above the 1.3760 resistance. Both pairs are facing crucial levels that will determine their next moves. Traders should pay close attention to these key levels and monitor the price action for potential trading opportunities.
Disclaimer
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