The GBP/USD pair has experienced a decline below the key support zone of 1.2670, signaling a bearish trend for the British Pound. On the hourly chart, a bearish trend line is forming with resistance at 1.2640. The pair started its downward move from the 1.2700 resistance level and broke below the 50-hour simple moving average. Currently, it is consolidating losses below the 23.6% Fib retracement level and facing immediate resistance at the bearish trend line. The next major hurdle for the GBP/USD pair is at 1.2670, and a close above this level could lead to a steady upward movement towards 1.2700 and potentially 1.2740. However, if the pair continues to decline, it may find support at 1.2625 and 1.2600, with a risk of dropping towards 1.2550 in the worst-case scenario.
USD/CAD Technical Analysis
Conversely, the USD/CAD pair is displaying positive signs with a rise above the 1.3675 support level. On the hourly chart, a major bullish trend line is forming with support at 1.3705. The US Dollar has surged above the resistance levels of 1.3685 and 1.3700, clearing the 50-hour simple moving average and hitting a high of 1.3734. The pair is currently consolidating gains, with initial support at the bullish trend line and further support at 1.3675. A downside break below 1.3640 could push the pair lower towards 1.3620 and even 1.3550. On the other hand, a clear upside break above 1.3735 could pave the way for further increases towards 1.3750 and beyond.
The GBP/USD pair is facing a bearish trend with a decline below the key support zone of 1.2670, while the USD/CAD pair is showing positive signs of a rise above the 1.3675 support level. Traders should monitor the key resistance and support levels mentioned in the technical analysis to make informed trading decisions. It is essential to stay updated on market trends and news to anticipate potential price movements in the GBP/USD and USD/CAD currency pairs.