The British Pound has been trading in a dominant ascending channel against the Canadian Dollar since September. The exchange rate neat movement in this channel was interrupted in mid-March when a reverse south occurred after reaching a resistance set by the monthly pivot point near the 1.8457 area.
The GBP/CAD currency pair has since been moving in a junior descending pattern. Meanwhile, the pair has breached both the 55– and the 100– hour SMAs and the upper boundary of the junior channel.
Everything being equal, the currency exchange rate likely to continue moving in the channel down until it reaches the lower boundary of the dominant channel.
