GBP/USD started a major decline and traded below 1.1000. GBP/JPY is also falling and there was a clear move below the 155.00 support.
Important takeaways for GBP/USD and GBP/JPY
· The British pound began a significant decline below the 1.1000 support against the US dollar.
· There is a connecting bearish trend line forming with resistance near 1.1220 on the GBP/USD hourly chart.
· GBP/JPY declined steadily after failing to clear the 165.00 resistance zone.
· There is a major bearish trend line forming with resistance near 152.50 on the hourly chart.
GBP/USD Technical Analysis
Last week, the British pound began a significant decline from the 1.1400 area against the US dollar. The GBP/USD the pair dropped below the 1.1200 support to move into a bearish zone.
There was a steady decline below the 1.1100 level and the 50-hour simple moving average. The pair even traded below the 1.0850 support zone. The pair traded as high as 1.0341 on FXOpen and is currently consolidating losses….Read more: Blog FXOpen
