The British Pound has appreciated about 2.69% against the Canadian Dollar since the beginning of December. The currency pair tested the upper boundary of a descending channel pattern at 1.7178 during the end of last week trading session.
Currently, the exchange rate is near a resistance cluster formed by the 50-,100-, and 200-hour SMAs and the combination of the weekly PP and the 38.20% Fibonacci retracement level at 1.6973.
If the cluster holds, the currency exchange rate will aim at a support level set by the weekly and the monthly PPs at 1.6783.
Meanwhile, it is important to note that the political situation in the United Kingdom might play a significant roll in the positioning of the currency exchange rate during this week trading sessions.
