The Silver Daily chart is showing a strong down trend in place since mid June when price broke under the 17.00 area. The really significant move was the retest of 16.20 in early July as previous support turned resistance. The low at 14.34 is now under threat as the rally higher stalls at 15.00 before hitting the trend line resistance. A breakdown of the low may find supports at 14.00 followed by the 13.80 level. Further support for the pair comes in at 13.20 followed by 12.80.
Resistance can be seen at the POC at 15.20 which would require buyers to step in and defend the low and then push price above the trend line and the 15.00 level. A move up to 15.67 can place a degree of pressure on short stops that arrived late to the party. From there the 16.00/16.20 area comes into play with a move above this area putting price into the previous consolidation zone. A break above 16.70 could see a quick move back to the highs above 17.20.
The GBPCAD chart is showing the POC at the 1.6987 level just within the zone of control of 1.7000. A break higher from this area can encounter resistance at the falling trend line above the 1.7200 level or at the 1.7280 area of previous support. A move higher could signify a breakout that can see price revisit 1.7400 and 1.7470. The lower swing high at 1.7757 is a very important area of interest on the chart and a move above this point could signal a willingness to retrace up to 1.8000 or even the previous high at 1.8400.
Support for the pair can be seen at yesterday’s low of 1.6800. This level has been used to prop up price twice in the last week and has been resistive during August before price action broke higher. A loss of this level shifts the focus down to the area around 1.6600 and the low of 1.6562. Any move under this point might result in a continuation of the trend lower with 1.6407/1.6400 coming in as initial support.