Market Analysis: GBP/USD Regains Strength While USD/CAD Weakens

<img src="https://images.unsplash.com/photo-1574641820089-d431bff40336?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDF8fHBvdW5kfGVufDB8fHx8MTcwMDQ2NzkwOHww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: GBP/USD Regains Strength While USD/CAD Weakens" /><p><em>GBP/USD started a fresh increase above the 1.2370 zone. USD/CAD is declining and trading below the 1.3730 support.</em></p><h2>Important Takeaways for GBP/USD and USD/CAD Analysis Today</h2><p>· The British Pound is eyeing a fresh increase above the 1.2500 resistance.</p><p>· There was a break above a key bearish trend line with resistance near 1.2430 on the hourly chart of GBP/USD at FXOpen.</p><p>· USD/CAD started a fresh decline after it broke the 1.3840 resistance.</p><p>· There was a break below a major bullish trend line with support near 1.3730 on the hourly chart at FXOpen.</p><h2>GBP/USD Technical Analysis</h2><p>On the hourly chart of GBP/USD at FXOpen, the pair formed a base above the 1.2185 level. The British Pound started a decent increase above the 1.2250 resistance zone against the US Dollar.</p><p>The pair gained strength above the 1.2300 level. The bulls even pushed the pair above the 1.2370 level and the 50-hour simple moving average and 1.2120. The pair cleared the 50% Fib retracement level of the downward move from the 1.2505 swing high to the 1.2373 low.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/11/gbpusd–4-.png" alt="Market Analysis: GBP/USD Regains Strength While USD/CAD Weakens" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/11/gbpusd–4-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/11/gbpusd–4-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/11/gbpusd–4-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/11/gbpusd–4-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>There was a break above a key bearish trend line with resistance near 1.2430. It is now trading above the 76.4% Fib retracement level of the downward move from the 1.2505 swing high to the 1.2373 low.</p><p>The RSI moved above the 65 level on the GBP/USD chart and the pair is now approaching a major hurdle at 1.2500. An upside break above the 1.2500 zone could send the pair toward 1.2550. Any more gains might open the doors for a test of 1.2620.</p><p>On the downside, the pair might find support near the 50-hour simple moving average at 1.2430. The next major support is 1.2370.</p><p>If there is a break below 1.2370, the pair could extend the decline. The next key support is near the 1.2300 level. Any more losses might call for a test of the 1.2185 support.</p><h2>USD/CAD Technical Analysis</h2><p>On the hourly chart of USD/CAD at FXOpen, the pair climbed toward the 1.3775 resistance zone before the bears appeared. The US Dollar formed a high near 1.3776 and recently declined below the 1.3730 support against the Canadian Dollar.</p><p>There was a break below a major bullish trend line with support near 1.3730. The pair declined below the 61.8% Fib retracement level of the upward move from the 1.3654 swing low to the 1.3775 high.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/11/usdcad–1-.png" alt="Market Analysis: GBP/USD Regains Strength While USD/CAD Weakens" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/11/usdcad–1-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/11/usdcad–1-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/11/usdcad–1-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/11/usdcad–1-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>There was also a close below the 50-hour simple moving average and 1.3700. Immediate support is near the 76.4% Fib retracement level of the upward move from the 1.3654 swing low to the 1.3775 high at 1.3685.</p><p>The first major support is near 1.3665. A close below the 1.3665 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3620. Any more losses may possibly open the doors for a drop toward the 1.3550 support.</p><p>If there is a fresh increase, the pair could face resistance near the 50-hour simple moving average at 1.3730. The next key resistance on the USD/CAD chart is 1.3775. If there is an upside break above 1.3775, the pair could rise toward the 1.3840 resistance.</p><p>The next major resistance is near the 1.3880 level, above which it could rise steadily toward the 1.3950 resistance zone.</p>