After hitting the weekly pivot point at the 1.7779 mark on June 22, the Pound Sterling changed its market sentiment against the Canadian Dollar and began to make a corrective move south.
During this short period of decline, the currency pair breached some major significant support level. Namely, a support cluster formed by the weekly and monthly PPs and the 55– and 100-hour SMAs.
Given that the GBP/CAD currency exchange rate has moved closer to the bottom border of an ascending pattern, a breakout could be expected today for a potential target at 1.7371 which is the 200-hour simple moving average.
