The Pound Sterling has declined by 277 pips or 1.60% against the Canadian Dollar since October 30. The currency pair tested the 1.7050 level during this week’s trading sessions.
Bearish traders are likely to continue to pressure the exchange rate lower within the following trading sessions. A breakout through the lower boundary of an ascending channel pattern could occur.
However, given that the currency exchange rate has bounced off from the monthly support level at 1.7029, a surge towards the 1.7350 level could be expected within this week’s sessions.
