Re: Technical Analysis by FXOpen
GBP/USD Diving While USD/CAD Is Showing Bullish Signs
GBP/USD struggled to continue above the 1.2650 resistance and declined below 1.2550. USD/CAD is showing positive signs and it could continue to rise towards 1.3650.
GBP/USD Technical Analysis
This past week, the British Pound made a couple of attempts to gain strength above 1.2650 against the US Dollar. However, the GBP/USD pair failed to continue higher and it started a fresh decline below 1.2600.
There was a break below a few key supports near the 1.2580 and 1.2550 levels. Moreover, there was a close below the 1.2550 level and the 50 hourly simple moving average.