GBP/USD and Canadian Dollar Bearish Ahead of US NFP

GBP/USD struggled to break the 1.3350 resistance and moved down. On the other hand, USD/CAD jumped higher and tested the 1.3000 resistance area. Today’s NFP report could impact the market sentiment for both GBP/USD and USD/CAD.
Important Takeaways for GBP/USD and USD/CAD

The British Pound failed to break an important resistance at 1.3350 and declined.
There was a break below two bullish trend lines with support at 1.3300 on the hourly chart of GBP/USD.
USD/CAD climbed higher recently and tested the 1.3000 handle.
Today, the US nonfarm payroll release for May 2018 is forecasted to register 188K, more than the last reading of 164K.

GBP/USD Technical Analysis

After a heavy decline, the British Pound found support above the 1.3200 handle against the US Dollar. The GBP/USD pair traded as low as 1.3204 and started an upside move.

It traded above the 1.3250 and 1.3300 resistance levels to move into a bullish zone. However, the upside move was capped by a strong resistance at 1.3350. The pair failed near 1.3347 and later it started a fresh downside move.

Read more: https://blog.fxopen.com/gbpusd-and-canadian-dollar-bearish-ahead-of-us-nfp/