News & Analysis / Analysis / GBP/USD And USD/CAD: US Dollar Under Pressure

GBP/USD And USD/CAD: US Dollar Under Pressure

FXOpen

GBP/USD gained bullish momentum above the 1.2700 and 1.2800 resistance levels. Conversely, USD/CAD is under pressure and it could continue to slide below 1.3100.

Important Takeaways for GBP/USD and USD/CAD

  • The British Pound is showing positive signs and is trading nicely above the 1.2850 pivot.
  • There is a key bullish trend line forming with support near 1.2890 on the hourly chart of GBP/USD.
  • USD/CAD declined recently and broke a few key supports near 1.3200 and 1.3180.
  • There is a major bearish trend line forming with resistance near 1.3155 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a strong rise above the 1.2500 resistance area against the US Dollar. As a result, the GBP/USD pair broke many hurdles near the 1.2650 and 1.2700 levels to move into an uptrend.

The pair surpassed the key 1.2800 resistance area and the 50 hourly simple moving average. Finally, the pair rallied above the 1.2950 resistance area and traded close to the 1.3000 area.

GBP/USD Technical Analysis British Pound US Dollar

A high was formed near 1.2983 on FXOpen and the pair is currently consolidating gains. It traded below the 38.2% Fib retracement level of the recent rally from the 1.2757 low to 1.2983 high.

However, the 1.2870-1.2880 area is acting as a support. Moreover, the 50% Fib retracement level of the recent rally from the 1.2757 low to 1.2983 high is acting as a support. It seems like the pair is holding the key 1.2850 support and the 50 hourly simple moving average.

More importantly, there is a key bullish trend line forming with support near 1.2890 on the hourly chart of GBP/USD. If there is a downside break below 1.2880, the pair could continue to correct lower towards the 1.2850 support area.

Any further losses could open the doors for a drop towards the 1.2810 and 1.2800 levels. On the upside, there are key resistances near the 1.2950 and 1.2980 levels, above which GBP/USD could even rise above the 1.3000 resistance area.

USD/CAD Technical Analysis

The US Dollar started a fresh decrease from well above the 1.3300 level against the Canadian Dollar. The USD/CAD pair broke a few important supports near 1.3250 to move into a bearish zone.

The pair even broke the 1.3200 support area and the 50 hourly simple moving average. It opened the doors for more downsides and the pair traded below the 1.3150 support area. A low was formed near 1.3119 and the pair is currently consolidating losses.

USD/CAD Technical Analysis US Dollar Canadian Dollar

An immediate resistance is near 1.3140 or the 23.6% Fib retracement level of the recent decline from the 1.3211 high to 1.3119 low. The next key resistance is near the 1.3150 and the 50 hourly simple moving average.

Moreover, there is a major bearish trend line forming with resistance near 1.3155 on the hourly chart. Above the trend line, the pair could test the 50% Fib retracement level of the recent decline from the 1.3211 high to 1.3119 low.

The main resistance is near the 1.3180 (the previous support area). Therefore, the pair must surpass the 1.3150 and 1.3180 resistance levels to start a fresh increase in the near term.

On the downside, an immediate support is near the 1.3120 level. If USD/CAD breaks the 1.3120 support, there is a risk of a breakdown below the 1.3100 support area.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Instrument
Live ECN bid
Live ECN ask
Action
EURUSD
1.09195
1.09196
Trade
GBPUSD
1.29879
1.29879
Trade
AUDUSD
0.63847
0.63848
Trade
USDJPY
149.224
149.229
Trade
USDCAD
1.42924
1.42937
Trade
More
Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Market Insights with Gary Thomson: Canada’s Inflation, Fed and BoE Interest Rates, Earnings Reports
Financial Market News

Market Insights with Gary Thomson: Canada’s Inflation, Fed and BoE Interest Rates, Earnings Reports

In this video, we’ll explore the key economic events, market trends, and corporate news shaping the financial landscape. Get ready for expert insights into forex, commodities, and stocks to help you navigate the week ahead. Let’s dive in!

Indices

S&P 500 Analysis: How Long Could the Stock Market Correction Last?

Six days ago, we noted that the Nasdaq 100 had entered a correction phase. Now, the S&P 500 (US SPX 500 mini on FXOpen) has followed suit, closing more than 10% below its 19 February peak on Thursday,

Shares

Spotify (SPOT) Shares Rise by Nearly 7%

According to the stock chart of music streaming giant Spotify (SPOT), the share price:
→ Increased by almost 7% by the end of trading on Friday.
→ Has surged approximately 28% since the start of 2025—one of the strongest performances in

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. 60% 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.