The British Pound has been trending bullish against the Canadian Dollar since the middle of September. The GBP/CAD exchange rate surged by 2.39% since September 11.
The currency pair is currently trading near a resistance level formed by the 200– period simple moving average at 1.7212.
If the 200– period SMA holds, bears could pressure the price lower within this week’s trading sessions.
However, if the currency exchange rate breaks the resistance line, a surge towards the 1.7500 area could be expected during the following trading sessions.
