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

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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

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