GBP/USD started a major decline and traded below 1.1500. GBP/JPY is consolidating above the 160.80 support, with a bearish angle.
Important Takeaways for GBP/USD and GBP/JPY
· The British Pound started a major decline below the 1.1620 support against the US Dollar.
· There is a major bearish trend line forming with resistance near 1.1520 on the hourly chart of GBP/USD.
· GBP/JPY declined steadily after it failed to clear the 162.50 resistance zone.
· There was a break below a key bullish trend line with support near 161.15 on the hourly chart.
GBP/USD Technical Analysis
This past week, the British Pound started a major decline from the 1.1880 zone against the US Dollar. The GBP/USD pair declined below the 1.1800 support to move into a bearish zone.
There was a steady decline below the 1.1700 level and the 50 hourly simple moving average. The pair even traded below the 1.1620 support zone. The pair traded as low as 1.1460 on FXOpen and is currently consolidating losses…More info: blog FXOpen