GBP/USD is trading in a bearish zone below the 1.1480 and 1.1440 support levels. USD/CAD is surging and could continue to rise above the 1.3300 resistance zone.
Important Takeaways for GBP/USD and USD/CAD
· The British Pound started a major decline below the 1.1550 support zone.
· There is a key bearish trend line forming with resistance near 1.1415 on the hourly chart of GBP/USD.
· USD/CAD started a fresh increase 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 strong rejection near 1.1740, the British Pound started a fresh decline against the US Dollar. GBP/USD declined heavily below the 1.1550 support zone.
There was a move below the 1.1500 support zone and the 50 hourly simple moving average. The pair even traded below the 1.1480 support zone and formed a low near 1.1350 on FXOpen. It is now consolidating losses above the 1.1350 level…More info: blog FXOpen