The British Pound has declined significantly against the Canadian Dollar since late September after the currency pair reversed from the upper boundary of a long-term descending channel at 1.72.
The exchange rate was trading below a support cluster formed by the combination of the weekly and the monthly PPs at 1.6680 and the three SMAs during the morning hours of today’s session.
Everything being equal, it likely that the currency exchange makes a U-turn from current price level and aim at the 200-hour simple moving average at 1.6913 during the next 72 hours.
