GBPUSD is seeing a resurgence this morning FX

EURUSD

EURUSD is rallying through the crucial 1.1230 resistance level this morning, providing us with another higher high on the four hour chart. This provides us with a good overall perspective to show that the current resurgence looks like a retracement of the referendum downturn. As such, with price approaching the 76.4% retracement at 1.1305, we are looking for shorts around that area to get back on the long term downtrend. Clearly that would mean there is a strong chance of further upside until then. We would need price to break through the 1.1428 resistance to negate that bearish view.

GBPUSD

GBPUSD is seeing a resurgence this morning, following yet another leg lower yesterday. Ultimately there are two potential swing highs that the pair is likely to turn lower below. Firstly, 1.2945 should hold as resistance, yet should we see an hourly close above here, we would be looking for shorts again around 1.2995. We are in a clearly defined downtrend and as such, unless we see an hourly close above 1.3035, a bearish outlook remains in place.

USDCAD

USDCAD has posted yet another sharp leg lower this morning, as the deterioration that has been in place over recent weeks continues. Clearly it is a very reliable downtrend and thus while it seems a little late to go short here, any decent sized pullback will not doubt be perceived as a good area to get short once more.

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    Resurgent dollar makes the GBP suffer

    GBPUSD has similarly suffered at the hands of the resurgent dollar, with the pair falling back to trendline support. With price marginally below that, it has stalled around the 1.2513 level. That is the lower level