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GBP/USD Nosedives While USD/CAD Gains Strength – Analytics & Forecasts – 29 August 2022

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GBP/USD accelerated lower below the 1.1850 and 1.1750 support levels. USD/CAD is surging and could continue to rise above the 1.3075 resistance zone.

Important Takeaways for GBP/USD and USD/CAD

· The British Pound started a major decline below the 1.1850 support zone.

· There is a key bearish trend line forming with resistance near 1.1830 on the hourly chart of GBP/USD.

· USD/CAD started a fresh increase above the 1.3000 resistance zone.

· There was a break above a major bearish trend line with resistance near the 1.2970 on the hourly chart.

GBP/USD Technical Analysis

After a strong rejection near 1.2000, the British Pound started a fresh decline against the US Dollar. GBP/USD declined heavily below the 1.1920 support zone.

There was a move below the 1.1850 support zone and the 50 hourly simple moving average. The pair even traded below the 1.1750 support zone and formed a low near 1.1655. It is now consolidating losses above the 1.1650 level….More  info:  blog  FXOpen 

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