USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Technical levels for GBP/USD
Information is not investment advice
The movement in GBP/USD hasn’t started yet, but it surely will. For now the pair’s consolidating in the 1.2390/1.2295 area. The upside is limited by the short-term resistance line since April 15. Support is provided by the 200-period MA on the H4. A break below it will lead the price down to 1.2170 and 1.2030 (38.2% and 50% of the March-April advance). Above 1.2390 GBP/USD will get a chance to get to 1.2470, although notice that the pair will have to overcome some obstacles on the way there and the decline looks like the primary scenario.
Trade idea for GBP/USD
SELL 1.2290; TP1 1.2170; TP2 1.2030; SL 1.2305
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
Has the US dollar lost a top position forever?
We know that hammer formation may be effective in identifying trend reversals. Let's study it a bit closer to see real-life cases.
CAD will get fresh volatility after BOC statement on June 3 at 17:00 MT time.