Connect with us
DAPA Banner

Crypto World

Market Analysis: GBP/USD Enters Consolidation Phase; USD/CAD Strengthens

Published

on

Market Analysis: GBP/USD Enters Consolidation Phase; USD/CAD Strengthens

GBP/USD started a downside correction from 1.3700. USD/CAD is gaining bullish momentum and might clear 1.3640 for more upside.

Important Takeaways for GBP/USD and USD/CAD Analysis Today

· The British Pound rallied toward 1.3700 before the bears appeared.

· There is a declining channel forming with support near 1.3585 on the hourly chart of GBP/USD at FXOpen.

· USD/CAD is showing positive signs above the 1.3555 support zone.

Advertisement

· There was a break above a key bearish trend line with resistance at 1.3555 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair gained pace for a move toward 1.3700, as discussed in the previous analysis. The British Pound failed to stay above 1.3700 and started a downside correction below 1.3660 against the US Dollar.

The pair traded below 1.3630, the 50-hour simple moving average, and the 50% Fib retracement level of the upward move from the 1.3508 swing low to the 1.3712 high.

Finally, the bulls appeared near 1.3600, and the pair trimmed some losses. It is back above 1.3630 and the 50-hour simple moving average. Immediate hurdle on the upside is near 1.3665.

The first major resistance is 1.3710. The main sell zone sits at 1.3740. A close above 1.3740 might spark a steady upward move. The next stop for the bulls might be near 1.3800. Any more gains could lead the pair toward 1.3880 in the near term.

Advertisement

If there is a fresh decline, initial bid zone on the GBP/USD chart sits at 1.3635. The next major area of interest could be 1.3585. There is also a declining channel forming with support near 1.3585, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.3510.

USD/CAD Technical Analysis

On the hourly chart of USD/CAD at FXOpen, the pair formed a strong base above 1.3500. The US Dollar started a fresh increase above 1.3540 and 1.3550 against the Canadian Dollar.

More importantly, there was a break above a key bearish trend line with resistance at 1.3555. The pair even climbed above the 50% Fib retracement level of the downward move from the 1.3724 swing high to the 1.3504 low.

The pair is now consolidating above the 50-hour simple moving average. If there is another increase, the pair might face hurdles near 1.3640 and the 61.8% Fib retracement.

A clear upside break above 1.3640 could start another steady increase. In the stated case, the pair could test 1.3725. A close above 1.3725 might send the pair toward 1.3800. Any more gains could open the doors for a test of 1.3920.

Advertisement

Initial support is near the 50-hour simple moving average and 1.3590. The next key breakdown zone could be 1.3555. The main hurdle for the bears might be 1.3505 on the same USD/CAD chart.

A downside break below 1.3505 could push the pair further lower. The next key area of interest might be 1.3465, below which the pair might visit 1.3420.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Advertisement

Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

ProductionReady’s Jimmy Song Pitches Case for Conservative Bitcoin Software

Published

on

Decentralization, Nodes, Bitcoin Adoption

The Bitcoin (BTC) network needs a “conservative” Bitcoin client node software implementation to preserve its monetary properties and strengthen network decentralization, according to Jimmy Song, co-founder of ProductionReady, a non-profit organization funding open source Bitcoin node software development and education.

The organization has a “bias” against significant code changes, unless there is “overwhelming” community support for the change, Song told Cointelegraph.

“The general principle is: if you’re not sure a change makes the money better, don’t make it,” he said. 

Decentralization, Nodes, Bitcoin Adoption
The number of Bitcoin nodes, broken down by software implementation, between 2016 and 2026. Source: Coin Dance

ProductionReady expects to restore the 83-byte OP_Return data limit for arbitrary, non-monetary information in Bitcoin transactions, he said, adding that keeping node storage costs down by limiting arbitrary data is essential to network decentralization. He said:

“The more self-sovereign Bitcoin users are, the more decentralized and resilient the network becomes. That means keeping the cost of running a node low enough for ordinary people to do it. 

“When storage and bandwidth requirements grow, fewer people verify for themselves, and the network centralizes by default. A conservative client takes that tradeoff seriously,” Song continued.

Advertisement

Maximizing nodes and making them accessible to the average user hardens the Bitcoin network, reducing the chances of cheating by submitting false transactions or a few actors colluding to centralize the network. 

Decentralization, Nodes, Bitcoin Adoption
Bitcoin Core continues to be the software of choice for node runners, with 77.8% of the network running some version of the Core software and 21.8% running Bitcoin Knots. Source: Coin Dance

Related: 72% of subsea cables would need to fail to impact Bitcoin, study shows

Bitcoin Core 30 removes the OP_Return data limit, sparking major pushback

Node storage and onchain spam became hot-button topics in 2025 after Bitcoin Core developers unilaterally changed the 83-Byte data limit in Bitcoin Core version 30, the latest major upgrade to the reference implementation for Bitcoin node software.

The limit was changed to 100,000 bytes despite significant pushback from the Bitcoin community. For context, the proposal to change the limit received about 4 times as many downvotes as it did upvotes, according to the proposal’s GitHub pull request page.

Bitcoin Core 30 went live in October 2025, triggering a historic surge in the number of Bitcoin nodes running Bitcoin Knots, an alternative implementation of the node client software.

Advertisement
Decentralization, Nodes, Bitcoin Adoption
The number of nodes running Bitcoin Knots surged to record highs in 2025, following the release of Bitcoin Core 30. Source: Coin Dance

There are 4,746 Bitcoin Knots nodes, representing over 21.7% of nodes on the network, according to Coin Dance.

Only about 1% of the network was running the Knots software in 2024 before the decision to remove the OP_Return function was announced.

Magazine: Bitcoin may face hard fork over any attempt to freeze Satoshi’s coins