FX levels to watch – EUR/USD, GBP/USD, USD/CAD

Analysis GBP/USD

Published: 8/11/2017 4:48:00 AM

EUR/USD has stood out this week, with the euro resisting the dollar strength that has dominated other pairs. The bullish wedge we have seen form throughout the week has clearly respected the crucial $1.1715 support level. With the price having broken through the notable $1.1770 resistance level, there are initial signs that we could see the pair reverse higher from here. 

GBP/USD failed to really follow through in the wake of the 76.4% retracement sell-off, with the price subsequently trading sideways. We need to see a break back below $1.2933 to provide a strong bearish signal for the medium term, and until then there is a chance we are seeing a deep retracement of the rally from $1.2933.

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Source: IG
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