Re: Technical Analysis by FXOpen
GBP/USD Sliding While USD/CAD Is Approaching Support
GBP/USD failed to gain strength above 1.3200 and recently started a fresh decline below 1.3100. USD/CAD is also declining, but it is approaching a key support near the 1.3030 area.
GBP/USD Technical Analysis
This past week, the British Pound made another attempt to settle above the 1.3200 area against the US Dollar. However, the GBP/USD pair failed to gain traction and later started a fresh decline below 1.3150.
It broke a couple of important supports near the 1.3100 area to enter a bearish zone. Moreover, there was a close below the 1.3100 level and the 50 hourly simple moving average.