The Pound Sterling has declined by 156 pips or 0.89% against the Canadian Dollar since January 1. The GBP/CAD currency pair tested the 50– period simple moving average at 1.7292 during last week’s trading sessions.
Currently, the exchange rate is trading near the lower line of an ascending channel pattern and could be set for a breakout today.
If the breakout occurs, a decline towards the 1.7100 level could be expected within this week’s trading sessions.
However, if the channel pattern holds, bullish traders could pressure the currency exchange rate higher during the following trading sessions.
