Should we be wary of further downside in the GBP/USD pair, which has hit a new year-to-date low?

Should we be wary of further downside in the GBP/USD pair, which has hit a new low for the year?

16.03.2026

Last weekend, the Canadian dollar fell against the yen following the release of Canada’s February employment statistics on the 13th, which showed the unemployment rate worsening by 0.2 percentage points from the previous month’s 6.5% to 6.7%. The CAD/JPY pair fell from 117.020 to 116.091, plummeting to just below the 200-period simple moving average (SMA) on the hourly chart.On the 4-hour chart, the pair has already broken below the 20-MA support line, breaking the uptrend, and on the daily chart, it is currently pulling back after touching the +2σ line of the Bollinger Bands.

European currencies fell as the pound dropped against the U.S. dollar following the release of UK January industrial production data on the 13th, which showed a deterioration from the previous month’s 0.5% increase to a 0.1% rise. The GBP/USD pair fell from 1.3370 to 1.3220.The pair declined while facing resistance at the 20-period moving average on the hourly chart. On the 4-hour chart, the RSI has already been pushed down from 46 to 30, and on the daily chart, the pair has hit a new year-to-date low. The candlesticks have fallen to the vicinity of the -3σ Bollinger Band.

Today’s economic indicators include the UK Rightmove House Price Index at 9:01, Canadian housing starts, the Canadian Consumer Price Index, and the US New York Fed Manufacturing Index at 21:15, US industrial production at 22:15, and the US NAHB Housing Market Index at 23:00. No other major economic indicators or notable remarks from key figures are scheduled.We should watch for further downside potential in GBP/USD, which has hit a new year-to-date low.