The Pound Sterling soared by 2.85% against the Canadian Dollar during last week’s trading sessions. The GBP/CAD currency pair violated the upper boundary of a descending channel pattern at 1.7300 on December 17.
As for the near future, the exchange rate is likely to continue to trend bullish. A breakout through the upper line of the descending channel pattern could occur during the following trading sessions.
However, a resistance level at 1.7435 might provide a barrier for bullish traders within this week’s trading sessions.
