GBP/USD started a fresh increase above the 1.2900 zone. USD/CAD declined and now consolidates below the 1.4350 level.

Important Takeaways for GBP/USD and USD/CAD Analysis Today

· The British Pound is eyeing more gains above the 1.2970 resistance.

· There is a key bearish trend line forming with resistance at 1.2935 on the hourly chart of GBP/USD at FXOpen.

· USD/CAD started a fresh decline after it failed to clear the 1.4415 resistance.

· There was a break below a major bullish trend line with support at 1.4310 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair formed a base above the 1.2870 level. The British Pound started a steady increase above the 1.2900 resistance zone against the US Dollar, as discussed in the previous analysis.

The pair surpassed the 50% Fib retracement level of the downward move from the 1.2972 swing high to the 1.2879 low. The pair is now consolidating near the 1.2925 zone and the 1.2420 level and the 50-hour simple moving average.

If there is another decline, the pair could find support near the 1.2900 level. The first major support sits near the 1.2880 zone. The next major support is 1.2870.

If there is a break below 1.2870, the pair could extend the decline. The next key support is near the 1.2820 level. Any more losses might call for a test of the 1.2800 support.

Conversely, the bulls might aim for more gains. The RSI moved above the 50 level on the GBP/USD chart and the pair is now approaching a major hurdle at 1.2935 and the 61.8% Fib retracement level of the downward move from the 1.2972 swing high to the 1.2879 low.

There is also a key bearish trend line forming with resistance at 1.2935. An upside break above the 1.2935 zone could send the pair toward 1.2970. Any more gains might open the doors for a test of 1.2995.

USD/CAD Technical Analysis

On the hourly chart of USD/CAD at FXOpen, the pair climbed toward the 1.4420 resistance zone before the bears appeared. The US Dollar formed a swing high near 1.4415 and recently declined below the 1.4350 support against the Canadian Dollar.

There was also a close below the 50-hour simple moving average and 1.4310. There was a break below a major bullish trend line with support at 1.4310.

The bulls are now active near the 1.4300 level. The pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 1.4415 swing high to the 1.4288 low. If there is a fresh increase, the pair could face resistance near the 1.4330 level.

The next key resistance on the USD/CAD chart is near the 1.4350 level and the 50% Fib retracement level of the downward move from the 1.4415 swing high to the 1.4288 low.

If there is an upside break above 1.4350, the pair could rise toward the 1.4400 resistance. The next major resistance is near the 1.4415 zone, above which it could rise steadily toward the 1.4450 resistance zone.

Immediate support is near the 1.4290 level. The first major support is near 1.4260. A close below the 1.4260 level might trigger a strong decline. In the stated case, USD/CAD might test 1.4240. Any more losses may possibly open the doors for a drop toward the 1.4400 support.

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