GBP/USD is trading in a bearish zone below the support levels of 1.1480 and 1.1440. USD/CAD is surging and could continue to rise above the 1.3300 resistance zone.
Key Takeaways for GBP/USD and USD/CAD
· The British Pound has started a major decline below the support zone of 1.1550.
· 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 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 strong rejection near 1.1740, the British pound started a fresh decline against the US dollar. GBP/USD declined sharply 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 FXOpen. It is now consolidating losses above the 1.1350 level…More info: blog FXOpen