The Pound Sterling was driven by strong downside sentiment against its Canadian counterpart since June 22 and thus fell by 2.59%. This bearish momentum could be considered to be a retracement from the upper boundary of a junior ascending pattern.
During the past two weeks, the currency pair has been moving sideways. Furthermore, the 100-hour simple moving average has been providing a strong resistance during this short period.
Given that the GBP/CAD currency exchange rate has moved closer to the bottom border of the ascending channel, a breakout could be expected during the following trading sessions.
