GBP/USD started a fresh decline below 1.3300. USD/CAD is consolidating gains and might aim for a fresh increase above 1.3750.

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

· The British Pound started another decline from 1.3500.

· There is a key bearish trend line forming with resistance at 1.3305 on the hourly chart of GBP/USD at FXOpen.

· USD/CAD is showing positive signs above the 1.3660 support zone.

· There is a key bullish trend line forming with support at 1.3610 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair struggled to continue higher above 1.3500. The British Pound started a fresh decline and traded below 1.3400 against the US Dollar.

The pair even traded below 1.3300 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.3200 level. The recent swing low was formed at 1.3198, and the pair is now consolidating losses.

On the upside, the pair is now facing hurdles near the 23.6% Fib retracement level of the downward move from the 1.3483 swing high to the 1.3198 low at 1.3265.

The first major breakout zone for a recovery wave could be near a key bearish trend line at 1.3305 and the 50-hour simple moving average. The next key pivot zone sits near the 50% Fib retracement at 1.3340. A close above 1.3340 could open the doors for a move to 1.3415. Any more gains might send the pair toward 1.3500 in the coming days.

If there is a fresh decline, initial support on the GBP/USD chart sits at 1.3200. The next major area of interest could be 1.3165, below which there is a risk of another sharp decline. In the stated case, the pair could drop toward 1.3050.

USD/CAD Technical Analysis

On the hourly chart of USD/CAD at FXOpen, the pair formed a strong base above 1.3500. The US Dollar started a fresh increase above 1.3600 and 1.3650 against the Canadian Dollar.

The bulls pushed the pair above the 1.3680 and 1.3700 levels. The pair cleared the 50-hour simple moving average and settled above 1.3700. A high was formed at 1.3741, and the pair is now consolidating gains.

There was a minor pullback, but the pair remained stable above 1.3700 and the 23.6% Fib retracement level of the upward move from the 1.3525 swing low to the 1.3741 high.

The first key support is near the 50-hour simple moving average at 1.3660 and the 50% Fib retracement. The main breakdown zone seems to be forming near a key bullish trend line at 1.3610 on the same USD/CAD chart.

A downside break below the 1.3610 could push the pair further lower. The next key area of interest might be 1.3525, below which the pair might visit 1.3440.

If there is another increase, the pair might face hurdles near 1.3740. A clear upside break above 1.3740 could start another steady increase. In the stated case, the pair could test 1.3780. A close above 1.3780 might send the pair toward 1.3850. Any more gains could open the doors for a test of 1.4000.

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