The price movement of the GBP/CAD exchange rate has been guided by two lines descending channels for the last two months. This decline has led the Pound Sterling to a five-month low.
During the last one month, bears dominance over the currency pair has been significant. In the meantime, the rate is stranded between SMAs. The 100– hour simple moving average was providing resistance while the 55– hour SMA was providing support for the pair.
A breakout from the aforementioned SMAs is likely to occur within the next trading sessions. Meanwhile, technical indicators support bulls to come into play during this session.
