The Pound Sterling traded sideways against the Canadian Dollar during last week’s trading sessions. The currency pair has been trading along with the 50-hour simple moving average since last week.
A breakout is likely to occur during the following trading sessions. Technical indicators suggest a southern breakout.
Furthermore, given that the 50-, 100– and 200-hour simple moving averages are above the price level, bears could push the currency exchange rate towards a support level formed by the weekly S3 at 1.6842 in the shorter term.
