GBP/USD started a fresh increase above the 1.2920 zone. USD/CAD declined and now consolidates below the 1.3640 level.

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

· The British Pound is eyeing more gains above the 1.3130 resistance.

· There is a connecting bullish trend line forming with support near 1.3100 on the hourly chart of GBP/USD at FXOpen.

· USD/CAD started a fresh decline after it failed to clear the 1.3720 resistance.

· Recently, there was a break above a short-term bearish trend line with resistance at 1.3585 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 1.2880 level. The British Pound started a steady increase above the 1.2920 resistance zone against the US Dollar.

The pair gained strength above the 1.3000 level. The bulls even pushed the pair above the 1.3050 level and the 50-hour simple moving average. The pair tested the 1.3130 zone and is currently consolidating gains.

There was a minor decline below the 1.3100 level. The pair dipped below the 23.6% Fib retracement level of the upward move from the 1.3010 swing low to the 1.3128 high.

However, the bulls remained active near the 1.3070 level. There is also a connecting bullish trend line forming with support near 1.3100. If there is another decline, the pair could find support near the 1.3070 level.

The first major support sits at the 76.4% Fib retracement level of the upward move from the 1.3010 swing low to the 1.3128 high at 1.3050. The next major support is 1.3000.

If there is a break below 1.3000, the pair could extend the decline. The next key support is near the 1.2880 level. Any more losses might call for a test of the 1.2650 support.

Conversely, the bulls might aim for more gains. The RSI moved above the 60 level on the GBP/USD chart and the pair is now approaching a major hurdle at 1.3130. An upside break above the 1.3130 zone could send the pair toward 1.3200. Any more gains might open the doors for a test of 1.3250.

USD/CAD Technical Analysis

On the hourly chart of USD/CAD at FXOpen, the pair climbed toward the 1.3700 resistance zone before the bears appeared. The US Dollar formed a swing high near 1.3685 and recently declined below the 1.3640 support against the Canadian Dollar.

There was also a close below the 50-hour simple moving average and 1.3620. The bulls are now active near the 1.3570 level. Recently, the pair corrected some losses and climbed above the 1.3600 zone.

There was a break above a short-term bearish trend line with resistance at 1.3585. The pair even surpassed the 23.6% Fib retracement level of the downward move from the 1.3685 swing high to the 1.3571 low.

If there is a fresh increase, the pair could face resistance near the 1.3620 level. The next key resistance on the USD/CAD chart is near the 61.8% Fib retracement level of the downward move from the 1.3685 swing high to the 1.3571 low is 1.3640.

If there is an upside break above 1.3640, the pair could rise toward the 1.3685 resistance. The next major resistance is near the 1.3710 level, above which it could rise steadily toward the 1.3800 resistance zone.

Immediate support is near the 1.3570 level. The first major support is near 1.3550. A close below the 1.3550 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3500. Any more losses may possibly open the doors for a drop toward the 1.3450 support.

Read analytical USD/CAD price forecasts for 2024 and beyond.

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