Market Analysis: GBP/USD Enters Consolidation Phase; USD/CAD Strengthens
GBP/USD started a downside correction from 1.3700. USD/CAD is gaining bullish momentum and might clear 1.3640 for more upside.Important Takeaways for GBP/USD and USD/CAD Analysis Today- The British Pound rallied toward 1.3700 before the bears appeared.
- There is a declining channel forming with support near 1.3585 on the hourly chart of GBP/USD at FXOpen.
- USD/CAD is showing positive signs above the 1.3555 support zone.
- There was a break above a key bearish trend line with resistance at 1.3555 on the hourly chart at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the pair gained pace for a move toward 1.3700, as discussed in the previous analysis. The British Pound failed to stay above 1.3700 and started a downside correction below 1.3660 against the US Dollar.
The pair traded below 1.3630, the 50-hour simple moving average, and the 50% Fib retracement level of the upward move from the 1.3508 swing low to the 1.3712 high.
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