The British Pound depreciated about 233 base points against the Canadian Dollar during last week’s trading session. The currency pair breached the 50-, 100– and 200-hour SMAs during this period.
The exchange rate was trading near the bottom border of an ascending channel pattern at 1.7462 during the morning hours of Tuesday’s trading session and could be set for a breakout.
If this breakout occurs, a decline towards a support cluster formed by the combination of the weekly and the monthly PPs at 1.7306 could be expected during the following trading days.
However, if the channel pattern holds, a surge towards the 1.7700 mark might follow.
