The Pound Sterling traded sideways against the Canadian Dollar during last week’s trading sessions. The 50-hour simple moving average provided resistance for the pair at 1.6434.
Everything being equal, it is likely that the GBP/CAD currency pair continues its decline within this week’s trading sessions. The possible target for bearish traders will be near a support cluster formed by the combination of the weekly and the monthly PPs at 1.6237.
If the support cluster as mentioned earlier holds, a reversal north could occur during next week’s trading sessions.