Intraday Analysis – GBP breaks lower

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092827/Intraday-29.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092827/Intraday-29.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092827/Intraday-29-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2><b>USDCAD hits resistance</b></h2>
<p><span><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092534/all-elements.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206837 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092534/all-elements.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092534/all-elements.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092534/all-elements-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092534/all-elements-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092534/all-elements-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></span><span>The Canadian dollar recouped some losses after steady retail sales numbers. The price continues to grind its way up towards May’s peak of 1.3650. A series of higher lows indicates mounting buying pressure and have been opportunities for trend followers to stake in. A close above the round number and the former support of </span><b>1.3600</b><span> would extend the rally to 1.3650, paving the way for a potential bullish continuation in the medium-term. On the downside, </span><b>1.3510</b><span> is the closest support to maintain the intraday momentum.</span></p>
<h2><b>EURGBP tries to rebound</b></h2>
<p><span><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092607/all-elements-1.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206838 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092607/all-elements-1.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092607/all-elements-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092607/all-elements-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092607/all-elements-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092607/all-elements-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></span><span>The pound sank after August’s services and composite PMI slipped into contractionary territory. A brief fall below July’s low of 0.8510 has put the bulls on the defensive, risking a deeper correction to 0.8400. A tentative close above 0.8560, likely driven by profit-taking, has prompted sellers to trim their bets, easing the downward pressure. The support-turned-resistance of </span><b>0.8600</b><span> is a major level to clear before a sustained recovery could take hold. </span><b>0.8500</b><span> at the base of the bullish momentum is a fresh support.</span></p>
<h2><b>USOIL fails to hold</b></h2>
<p><span><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092646/all-elements-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206839 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092646/all-elements-2.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092646/all-elements-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092646/all-elements-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092646/all-elements-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/24092646/all-elements-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></span><span>WTI crude struggles as weak manufacturing data across major economies could weigh on demand. A limited bounce off the 20-day SMA came to a halt at 81.60 and a subsequent drop below 79.00 invalidated the double bottom, forcing early buyers to abandon ship. A new round of sell-off would send the commodity to </span><b>76.50</b><span>. The RSI’s oversold situation may offer some relief if short-term sellers take some chips off the table. However, the bulls could be wary of catching a falling knife. </span><b>80.00</b><span> is the closest resistance overhead.</span></p>
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<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/08/intraday-analysis-gbp-breaks-lower">Intraday Analysis – GBP breaks lower</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>