Intraday analysis covering GBPUSD Finds support, USDCAD , and XAUUSD, highlighting recent price movements, key technical levels, and short-term momentum shifts across major markets.
GBPUSD finds support
The pound continues to bounce back after the recent sell-off that saw over 100 pips wiped off the value of cable. The pair has met buying interests near the previous swing low of 1.3320.
- An oversold RSI suggested a move away from a further downturn.
- A close above the first resistance of 1.3460 will ease some of the pressure.
- Bulls will need to clear the next hurdle at 1.3520 before cable can resume the uptrend.
- A deeper correction would send the pair towards 1.3250.
USDCAD maintaining the uptrend
The Canadian dollar looks to stop the rot after the pair hit another higher high.
- On the chart, price action remains torn between 1.3960 and 1.3920 as the pair awaits the next direction.
- The continued recovery has hit resistance just above 1.3960, as buyers look towards 1.3980 as an immediate top.
- Any signs of exhaustion and prices could revisit 1.3860, where a breakdown would make the pair vulnerable to a bearish drive towards 1.3800.
XAUUSD losing momentum
Gold remains pressured with the ongoing geopolitical tensions, which have led to a choppy ride for the yellow metal.
- Fresh selling and profit-taking have seen prices drift lower, with 4290 acting as a critical floor to keep the directional bias upward.
- The RSI’s oversold situation has attracted some buyers, and 4400 is the first hurdle to clear to the upside.
- Only a close above 4440 would attract momentum buyers and signal a bullish continuation towards 4560.
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