The British Pound has appreciated about 1.58% in values against the Canadian Dollar since last week. The currency pair was supported by a cluster formed by the of the weekly and the monthly PPs and the combination of the 50-,100 and 200-hour SMAs at 1.7170.
A for the near future, it is likely that the currency exchange rate continues its bullish movement. Buyers could push the pair towards the upper boundary of a dominant descending channel pattern at 1.7409.
Most likely, the GBP/CAD currency pair makes a brief retracement towards a psychological level of 1.7200 during the following trading sessions.
