GBP/USD started a major decline and traded below 1.1000. GBP/JPY is also diving and there was a clear move below the 155.00 support.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound started a major 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 hourly chart of GBP/USD.
· GBP/JPY declined steadily after it failed 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
This past week, the British Pound started a major decline from the 1.1400 zone against the US Dollar. The GBP/USD pair declined below the 1.1200 support to move into a bearish zone.
There was a steady decline below the 1.1100 level and the 50 hourly simple moving average. The pair even traded below the 1.0850 support zone. The pair traded as low as 1.0341 on FXOpen and is currently consolidating losses….More info: blog FXOpen