The USD started the day dropping against the Canadian dollar, now on a bullish reversal.
GBP/USD: 'Double Bottom' pushing price higher
There's a 'Double Bottom' pattern, so the pair is moving up. The main intraday target is the next resistance area at 1.3013 - 1.3032. Meanwhile, if a pullback from these levels happens next, bears will probably try to reach the closest support at 1.2927.
It's likely that there's a 'Flag' pattern. In this case, we should keep an eye on the nearest support at 1.2930 as a possible departure point for another advance. Thus, the subsequent pullback from this level in the coming hours could lead to a bullish price movement towards the last high.
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
It looks like GBP/JPY is finally trying to break out of the recent consolidation. Learn more!
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.