The Pound Sterling has appreciated about 1.18% in value against the Canadian Dollar since last week’s trading session. The currency pair tested the upper boundary of a descending channel pattern at 1.7547 during yesterday’s session.
The exchange rate was stranded between SMAs during the morning hours of Tuesday’s trading session. The 200-hour simple moving average was providing resistance for the pair at 1.7556, while the 50-hour SMA was providing support at 1.7462.
Everything being equal, it is likely that a breakout could occur through the upper boundary of the descending channel pattern during the following trading session.
Meanwhile, technical indicators flash bullish signals on both the 4(H) and weekly time frames chart.
