The Pound Sterling has been depreciating against the Canadian Dollar in a steep descending channel. This movement has been guided by a four-month junior descending channel.
During the past few days, the 55-hour simple moving average has pushed the currency pair towards the lower boundary of a dominant ascending channel. However, this decline stopped by the weekly S2 at 1.6647.
As for the near future, it is likely that the exchange rate makes a northern movement towards a resistance cluster formed by the weekly, the monthly PPs and the 55-hour SMA at the 1.6921 regions during the following trading sessions.
