GBPUSD finds resistance
Cable struggles as the pair met firm resistance after pushing over 100 pips in the past session.
• Not even a lift in GDP data could prevent the pound from slipping away from the 1.3500 level.
• With the RSI majorly overbought, a brief bounce to the downside could ensue.
• 1.3400 is the first hurdle to break before price action takes the pair back to the recent swing low at 1.3340.
• A move back past 1.3500 sees 1.3550 being the top to break.
USDCAD breaks lower
The Canadian dollar continues its advance as prices move away from the 1.4100 area.
• The pair remains under some pressure as its recent descent might lead to a reversal.
• A bullish divergence on the RSI is likely to attract buying interest in the near term as previous sellers look to switch sides.
• 1.4060 is the first target to expect sellers to close positions.
• A fall below 1.4000 would extend the sell-off towards 1.3960.
USOIL consolidating
WTI hits another fresh high as economists expect a test at the $82 level by the end of this week.
• As a show of resilience, the price has managed to hover around the psychological area of 80.00.
• Bulls will need to lift the 82.00 level before they can end the lengthy consolidation and push for a broader recovery.
• On the downside, 78.00 is the first support to keep the current momentum intact, with 75.50 a firm backup.
