GBP/USD Turns Red While USD/CAD Aims Higher – Analytics & Forecasts – 19 September 2022

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

ยท The British pound started a significant decline below the 1.1550 support zone.

ยท There is a key bearish trend line forming with resistance near 1.1415 on the GBP/USD hourly chart.

ยท USD/CAD started a new rally above the 1.3200 resistance zone.

ยท 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

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