The Great British Pound depreciated about 314 base points against the Canadian Dollar during the previous week trading session. The decline was stopped by the 100-hour simple moving average at 1.7400.
The 100-hour SMA guided the exchange rate towards a psychological resistance level at 1.7800 during Monday’s trading session.
By and large, it is likely that the currency pair edges lower towards a support level formed by the weekly pivot point at 1.7560 during the following trading sessions.
However, technical indicators demonstrate that bulls could continue to push the currency exchange rate higher within this week’s trading sessions.
