FXOpen Trader

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GBP/USD Turns Red, USD/CAD Faces Key Resistance GBP/USD started a major decline below 1.3200. USD/CAD is rising, but facing a major resistance near the 1.2800 zone. Important Takeaways for GBP/USD and USD/CAD The British Pound started a fresh decline from the 1.3300 resistance zone. There is a key bearish trend line forming with resistance near 1.3055 on the hourly chart of GBP/USD. USD/CAD is rising and showing positive signs above the 1.2750 level. There are two key bearish trend lines forming with resistance near 1.2790 and 1.2820 on the hourly chart. GBP/USD Technical Analysis The British Pound started a strong decline from well above 1.3300 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.3200 support. The pair even broke the 1.3120 support level and the 50 hourly simple moving average. Finally, there was a move below the 1.3050 support. A low is formed near 1.3011 on FXOpen and the pair is now consolidating losses. GBP/USD Hourly Chart On the upside, an initial resistance is near the 1.3050 level. There is also a key bearish trend line forming with resistance near 1.3055 on the hourly chart of GBP/USD. The trend line is close to the 23.6% Fib retracement level of the recent decline from the 1.3194 swing high to 1.3011 low. The next major resistance is near the 1.3100 level. It is near the 50% Fib retracement level of the recent decline from the 1.3194 swing high to 1.3011 low. Any more gains could lead the pair towards the 1.3200 barrier in the near term. If not, the pair could continue to move down and might even break the 1.3000 support. If there is a downside break, GBP/USD might test the 1.2950 support. The next major support sits at 1.2880. Read Full on FXOpen Company Blog...

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We can start learning about the Forex market trends and how it will work using the Demo Trading accounts of the FXOpen

I have been doing my Forex Trading from the last 10 Years with FXOpen Markets and they have very secure and fast Trading MT4 Terminal

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