GBP/USD is trading in a bearish zone below the 1.1480 and 1.1440 support levels. USD/CAD is rising and could continue to rise above the 1.3300 resistance zone.
Important takeaways for GBP/USD and USD/CAD
· The British pound started a significant decline below the 1.1550 support zone.
· There is a key bearish trend line forming with resistance near 1.1415 on the GBP/USD hourly chart.
· USD/CAD started a new rally above the 1.3200 resistance zone.
· There is a connecting bullish trend line forming with support near 1.3220 on the hourly chart.
GBP/USD Technical Analysis
After a sharp rejection near 1.1740, the British pound began a further decline against the US dollar. GBP/USD it declined well below the 1.1550 support zone.
There was a move below the 1.1500 support zone and the 50-hour simple moving average. The pair even traded below the 1.1480 support zone and formed a low near 1.1350 on the FXOpen. Now consolidating losses above the 1.1350 level…More info: blog FXOpen
