GBP/USD and USD/CAD Face Key Hurdles

FXOpen

GBP/USD is struggling below the 1.3200 resistance. USD/CAD is rising, but it must clear 1.2530 to start a fresh increase in the near term.

Important Takeaways for GBP/USD and USD/CAD

· The British Pound started a fresh decline from the 1.3240 resistance zone.

· There is a key bearish trend line forming with resistance near 1.3140 on the hourly chart of GBP/USD.

· USD/CAD is rising and showing positive signs above the 1.2500 level.

· There is a major bullish trend line forming with support near 1.2505 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a strong decline from well above 1.3320 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.3250 support.

The pair even broke the 1.3200 support level and the 50 hourly simple moving average. Finally, there was a move below the 1.3100 support. A low was formed near 1.3051 on FXOpen and the pair is now correcting losses.

GBP/USD Hourly Chart

The recent swing low was near 1.3086 and the pair is now consolidating. It is trading above the 23.6% Fib retracement level of the recent decline from the 1.3175 swing high to 1.3086 low.

An immediate resistance is near the 1.3130 level and the 50 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the 1.3175 swing high to 1.3086 low. Besides, there is a key bearish trend line forming with resistance near 1.3140 on the hourly chart of GBP/USD.

The next major resistance is near the 1.3150 level. Any more gains could lead the pair towards the 1.3200 barrier in the near term.

If not, the pair could continue to move down and might even break the 1.3050 support. If there is a downside break, GBP/USD might test the 1.3000 support. The next major support sits at 1.2950.

USD/CAD Technical Analysis

The US Dollar formed a strong support base above the 1.2420 and 1.2430 levels against the Canadian Dollar. The USD/CAD pair started a decent increase and it broke the 1.2480 resistance zone.

The pair gained pace for a move above the 1.2500 level and the 50 hourly simple moving average. There was also a move above the 50% Fib retracement level of the key decline from the 1.2592 swing high to 1.2429 swing low.

USD/CAD Hourly Chart

On the upside, the pair is facing hurdles near 1.2530. It is near the 61.8% Fib retracement level of the key decline from the 1.2592 swing high to 1.2429 swing low.

The next major resistance is near the 1.2550 level, above which the pair could rise towards the 1.2620 level. On the downside, the pair is likely to find bids near 1.2510. The next major support is near the 1.2500 level.

Besides, there is a major bullish trend line forming with support near 1.2505 on the hourly chart. A downside break below 1.2500 support level could push the pair further lower.

The next major support is near the 1.2450 zone, below which the pair could even test 1.2420. Any more losses might call for a move to 1.2350.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Indices

Although UK-100 Index Is Near All-time Highs, UK Economy Slips into Recession

Technically, a national economic recession is defined as two consecutive quarters of contraction, and yesterday's Office for National Statistics data confirmed that this has happened — UK GDP fell in the third and fourth quarters of 2023 by 0.1% and

Cryptocurrencies

DOGE Price Increases by 170% in Less Than 2 Months

On February 1, 2024, the DOGE/USD rate was = 0.0783. On the last Friday of March, it rose to 0.2150. The rising price means Dogecoin is now the eighth-largest cryptocurrency in the world by market capitalization, overtaking Cardano

Commodities

Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum

Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.