GBP/USD Consolidates Gains, USD/CAD Faces Hurdle

GBP/USD is showing positive signs above the 1.2540 resistance. USD/CAD is struggling and might decline further below the 1.3310 support.

Important Takeaways for GBP/USD and USD/CAD Analysis Today

• The British Pound started a strong increase above the 1.2440 resistance zone.

• There is a key bullish trend line forming with support near 1.2540 on the hourly chart of GBP/USD at FXOpen.

• USD/CAD is correcting losses from the 1.3310 support zone.

• There is a major bearish trend line forming with resistance near 1.3350 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair started a major increase from the 1.2370 zone. The British Pound climbed above the 1.2440 resistance against the US Dollar.

The upward move gained pace above the 1.2500 resistance and the 50-hour simple moving average. Finally, it broke the 1.2540 resistance and traded toward 1.2600. A high is formed near 1.2590 and the pair is now consolidating gains.

Initial support sits near a key bullish trend line at 1.2540 and the 50-hour simple moving average. It is close to the 23.6% Fib retracement level of the upward move from the 1.2395 swing low to the 1.2590 high.

The next major support sits at 1.2500 or the 50% Fib retracement level of the upward move from the 1.2395 swing low to the 1.2590 high, where the bulls might take a stand. If there is a downside break, GBP/USD might test the 1.2440 support.

Immediate resistance is near the 1.2590 level. The first major resistance on the GBP/USD chart is near the 1.2600 level. The next major resistance is near the 1.2620 level. Any more gains could lead the pair toward the 1.2650 resistance in the near term.

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BTCUSD Analysis: Clients Fleeing Binance

According to various estimates, from USD 2.36 billion to USD 3.35 billion was withdrawn from the largest cryptocurrency exchange in 1 week. The head of the exchange, Changpeng Zhao, said that the drop in the balance could be exaggerated due to the depreciation of cryptocurrencies against the dollar, but fears are growing.

Hearings will be held today to freeze the assets of the Binance.US exchange in a lawsuit filed by the SEC. By the way, Binance also received a complaint from regulators in Nigeria, a country leading in the adoption of cryptocurrencies in Africa.

Cryptocurrency market enthusiasts are given hope by a bill introduced yesterday by Congressmen Warren Davids and Tom Emmer, which involves the restructuring of the SEC and the dismissal of its head, Gary Gensler. However, believing that this will happen may be too naive.

In one week after the lawsuits from the SEC, the market capitalization of crypto decreased by approximately USD 75 billion. The decline leaders are crypto assets that the SEC classified as securities - ADA, BNB, MATIC and others - about 60 assets in total. Fortunately for enthusiasts, ETH and BTC are not among them.

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USD/CNH Reaches Year-to-date High

Over the past 2 months, CNH has appreciated about 4.4% against the US dollar, reflecting the differences in monetary policies in the world's two largest (and competing) economies.

Yesterday's statistics showed a decrease in inflation in the US, but its level is still far from the target values. It is expected that the Fed at today's meeting will take a break after 10 consecutive increases in the key interest rate, keeping the prospect of raising it until the end of the year. The decision will be published at 21:00 GMT+3, followed by Powell's press conference at 21:30.

In China, the central bank lowered key short-term interest rates on Tuesday. It is expected that rates on medium-term loans may be lowered on Thursday. Barclays predicts that the Central Bank of China will cut rates every quarter in 2023, as economic growth after the lifting of restrictions due to Covid is disappointing.

With China stimulating the economy and curbing inflation by shrinking the US economy, USD/CNH hit its highest since the start of the year, trading near 7.18 today. Thus, the quote is fixed above the level of 7.15, which acted as resistance at the beginning of the month.

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Market Reaction to the Fed's Decision

Yesterday the Fed (as expected) kept the interest rate unchanged (after a series of 10 increases). However, the opinion of market participants that the rate peak has been reached has been called into question. At the Jerome Powell's press conference, it became known that:

→ the majority of FOMC members are against the rate cut;

→ there may be another increase at the end of the year;

→ high inflation situation may last 2 years.

The markets reacted with a rise in the US dollar. Accordingly, the currencies fell in pairs with the US dollar. Gold also fell in price to a minimum in 3 months — like bitcoin, by the way, and this is not the only similarity in the behavior of the price of gold and the main cryptocurrency.

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EUR/USD Analysis: +1.4% in 2 Days

The current high growth rate, which was last seen in November 2022, was the result of decisions by central banks:

→ on Wednesday, the US Federal Reserve kept the interest rate at 5.25%;
→ and on Thursday, the ECB raised the rate from 3.75% to 4%. Eurozone inflation will remain "too high for too long," Lagarde said. The possibility of a rate hike in July is "very likely".

If the Fed started to apply the tightening policy earlier and came to a pause in a series of rate hikes faster, in turn the ECB is taking similar actions, but with some lag in time.

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GBP/USD Rallies above 1.2800 While EUR/GBP Struggles

GBP/USD rallied above the 1.2765 and 1.2800 resistance levels. EUR/GBP declined and now trading below the 0.8565 resistance.

Important Takeaways for GBP/USD and EUR/GBP Analysis Today

• The British Pound is trading in a bullish zone above 1.2700 against the US Dollar.

• There is a key bullish trend line forming with support near 1.2765 on the hourly chart of GBP/USD at FXOpen.

• EUR/GBP started a fresh decline from the 0.8590 resistance zone.

• There is a major bearish trend line forming with resistance near 0.8540 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair started a major increase from the 1.2500 support zone. The British Pound climbed above the 1.2625 resistance zone against the US Dollar.

The bulls were able to pump the pair above 1.2765 and the 50-hour simple moving average. Finally, the pair climbed above 1.2800 and tested 1.2845. A high is formed near 1.2847 and the pair is now consolidating gains.

It is trading above the 23.6% Fib retracement level of the upward move from the 1.2629 swing low to the 1.2847 high. The GBP/USD chart indicates that the pair is facing resistance near the 1.2845 level.

The next major resistance is near the 1.2880 level. If the RSI moves above 60 and the pair climbs above 1.2880, there could be another rally. In the stated case, the pair could rise toward the 1.2950 level or even 1.3000.

On the downside, there is a major support forming near a trend line at 1.2765 and the 50-hour simple moving average. If there is a downside break below the 1.2765 support, the pair could accelerate lower.

The next major support is near the 61.8% Fib retracement level of the upward move from the 1.2629 swing low to the 1.2847 high or 1.2700, below which the pair could test 1.2625. Any more losses could lead the pair toward the 1.2500 support.

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USD/JPY at the High of the Year

This morning, the Japanese currency weakened to 142.25 yen per US dollar for the first time since November 2022.

This is a consequence of the difference in the monetary policies of the two countries. Last week, the Fed, although it paused in raising the rate, said that it could be raised before the end of the year. On the other hand, the Bank of Japan on Friday maintained its commitment to ultra-soft monetary policy.

The USD/JPY chart shows that the rate is moving within a long-term ascending channel (shown in blue), and today it is near its median line — it can serve as resistance, which can at least slow down the growth of the rate. Or even promote a pullback within the channel shown in yellow.

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EUR/USD Corrects Gains While USD/CHF Aims Higher

EUR/USD started a decent increase above the 1.0860 resistance. USD/CHF is rising and might aim a move toward the 0.9055 resistance.

Important Takeaways for EUR/USD and USD/CHF Analysis Today

• The Euro gained pace after it broke the 1.0860 resistance against the US Dollar.

• There is a major bullish trend line forming with support near 1.0905 on the hourly chart of EUR/USD at FXOpen.

• USD/CHF is recovering higher above the 0.8945 resistance zone.

• There is a key rising channel forming with support near 0.8970 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a decent increase and was able to settle above the 1.0860 resistance zone. The Euro was able to climb further higher above the 1.0920 level against the US Dollar.

Finally, it tested the 1.0970 zone. A high is formed near 1.0970 and the pair is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the 1.0803 swing low to the 1.0970 high.

The pair is now trading below the 50-hour simple moving average. However, there is a major bullish trend line forming with support near 1.0905.

The next major support is near the 61.8% Fib retracement level of the upward move from the 1.0803 swing low to the 1.0970 high at 1.0860. A downside break below the 1.0860 support could send the pair toward the 1.0785 level.

Immediate resistance on the EUR/USD chart is near the 50-hour simple moving average at 1.0925. The first major resistance is near the 1.0970 level.

An upside break above the 1.0970 level might send the pair toward the 1.1000 resistance. The next major resistance is near the 1.1040 level. Any more gains might open the doors for a move toward the 1.1080 level.

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Gold Price and Crude Oil Price Turn Red

Gold price is moving lower below the $1,928 support. Crude oil price is also declining and remains at a risk of more losses below $69.00.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price failed to clear the $1,965 resistance and start a fresh decline against the US Dollar.

• It is now following a key bearish trend line with resistance near $1,915 on the hourly chart of gold at FXOpen.

• Crude oil prices are also moving lower below $71.20 and $70.20 levels.

• There was a break below a major bullish trend line with support near $70.85 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price struggled to start a fresh increase above the $1,965 resistance. The price started a fresh decline below the $1,938 support.

There was a close below the 50-hour simple moving average and $1,928. It tested the $1,910 support zone. A low is formed at $1,910.40 and the price is now consolidating losses. It is following a key bearish trend line with resistance near $1,915.

The trend line is close to the 23.6% Fib retracement level of the downward move from the $1,955 swing high to the $1,910 low. The next major resistance is near the 50-hour simple moving average at $1,928.

The 61.8% Fib retracement level of the downward move from the $1,955 swing high to the $1,910 low is also near $1,928. An upside break above the $1,928 resistance could send Gold price toward $1,938. Any more gains may perhaps set the pace for an increase toward the $1,955 level.

Initial support on the downside is near the $1,910 level. The first major support is near the $1,900 level. The main support sits near the $1,885 level. If there is a downside break below the $1,885 support, the price might decline further. In the stated case, the price might drop toward the $1,865 support.

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GBP/USD Eyes Fresh Increase, USD/CAD Could Extend Losses

GBP/USD faced resistance near 1.2845 and started a downside correction. USD/CAD is struggling below 1.3210 and might decline further.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound started a downside correction below the 1.2845 zone.

• There is a key bearish trend line forming with resistance near 1.2740 on the hourly chart of GBP/USD at FXOpen.

• USD/CAD declined below the 1.3210 and 1.3185 support levels.

• A connecting bearish trend line is forming with resistance near 1.3185 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair was able to climb above the 1.2800 resistance zone. However, the bears were active near the 1.2845 zone.

As a result, the pair started a downside correction below the 1.2780 and 1.2740 support levels. The pair even spiked below 1.2700 before the bulls appeared near 1.2690. A low is formed near 1.2684 and the pair is now consolidating losses.

There was a move above the 23.6% Fib retracement level of the downward move from the 1.2841 swing high to the 1.2684 low. Immediate resistance on the GBP/USD chart is forming near the 50-hour simple moving average at 1.2732.

The next resistance is near a key bearish trend line at 1.2740. An upside break above the 1.2740 zone, the pair could rise toward 1.2780. It coincides with the 61.8% Fib retracement level of the downward move from the 1.2841 swing high to the 1.2684 low.

Any more gains might open the doors for a test of 1.2845. On the downside, initial support is near the 1.2720 area. The next major support is near the 1.2690 level. If there is a break below 1.2690, the pair could extend its decline. The next key support is near the 1.2640 level. Any more losses might call for a test of the 1.2580 support.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.