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GBP/USD Eyes Additional Gains, USD/CAD Could Start Fresh Increase – Analytics & Forecasts – 31 October 2022

October 31, 2022| Forex Market

GBP/USD is gaining pace above the 1.1500 resistance zone. USD/CAD is recovering and might rally if it clears the 1.3635 resistance zone.

Important Takeaways for GBP/USD and USD/CAD

· The British Pound was able to move above the 1.1420 and 1.1500 resistance levels.

· There is a key contracting triangle forming with resistance near 1.1615 on the hourly chart of GBP/USD.

· USD/CAD tested the 1.3500 zone and started a recovery wave.

· There is a major bearish trend line forming with resistance at 1.3625 on the hourly chart.

GBP/USD Technical Analysis

After forming a base above the 1.1200, the British Pound started a steady recovery wave against the US Dollar. GBP/USD gained pace for a move above the 1.1320 and 1.1420 resistance levels.

There was a move above the 1.1500 resistance and the 50 hourly simple moving average. The pair even moved above the 1.1600 level and traded as high as 1.1645 on FXOpen. It is now consolidating gains above the 1.1600 zone….More  info:  blog  FXOpen 

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