Intraday Market Analysis – GBP Attempts Reversal.

GBPUSD bounces off triple bottom


The pound surged after the Bank of England raised its inflation forecast.

The pair has met strong buying interest at the triple bottom (1.3600) on the daily chart. A bullish RSI divergence was an indication that the sellers have taken their feet off the pedal.

A subsequent rally above 1.3690 would prompt more bears to cover. An overbought RSI may temporarily limit the initial impulse.

Patient buyers would be waiting for a pullback before jumping in. A rebound above 1.3800 would challenge the September high at 1.3900.

USDCHF tests Fibonacci level


The Swiss franc softened after the Swiss National Bank pledged to keep its policy loose.

The US dollar saw an acceleration in its momentum after it cleared the daily resistance at 0.9260. The RSI’s double top has triggered a pullback to let the bulls catch their breath.

The pair has found bids at the 61.8% (0.9220) Fibonacci retracement level. A break above 0.9280 would resume the rally towards April’s peak at 0.9460.

A bearish breakout could send the greenback to 0.9160, a key floor to keep the uptrend afloat.

USDCAD tests key support


The Canadian dollar halts its advance as July’s retail sales unexpectedly show a contraction.

The pair has met stiff selling pressure near the August high (1.2950). The pullback is testing the key support at 1.2635. An oversold RSI may attract some bids. Then the bulls need to lift 1.2795 for continuation.

Failing that, a bearish breakout would dent the optimism and those who previously bought in this demand area would have to get out. Then 1.2500, a is major support on the daily chart, would be the second line of defense.

This information has been prepared by Orbex, a trading name of Orbex Group Limited. DrForexOfficial, will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Join Orbex and for all the support you need from an award-winning Forex Broker - Click here to join our telegram channel ( and stay updated with the latest headlines.

Leave a Comment :


We will provide you latest market updates and analysis, for that you can JOIN OUR TELEGRAM CHANNEL and get daily profit and more facilities. If you want to JOIN TELEGRAM CHANNEL, click here to join.