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As shown from the today's H4 chart, the metal is stabilizing between the Support level 22.00 and the Resistance level 23.00 after its failure to break the Support level again yesterday....
Supply zone located around 1.5550-1.5600 (the upper limit of the depicted bullish channel and 50% Fibonacci level) provided considerable resistance for the cable last week....
We talked about consolidation of the pair within the price range 1.2950 -1.3240 and the importance of breakout off this zone for the liberation of the pair....
Support level around 1.0016-0.9995 provided evident bullish steam for the pair to step above 1.0300. Hence, there might be further bullish pressure to test 1.0430 level. ...
Since our last analyses the USD/CAD pair has been trading downwards, just like we expected, corrective wave A (coloured green) of the bigger wave (B) (coloured blue) has finished developing. ...
The UK has released first-quarter GDP numbers. In the second estimate it stayed unchanged, 0.3%. The pound strengthened following weakness of the US dollar, as the result it grew 60 points....