The Pound Sterling has surged by 3.30% in value against the Canadian Dollar since January 14. The currency pair tested the 61.80% Fibonacci retracement level at 1.7462 on January 31.
The exchange rate is currently trading near a support cluster formed by the 38.20% Fibonacci retracement level and the 50– period SMA at 1.7255.
If the support cluster holds, the GBP/CAD pair will most likely continue to surge within this week’s trading sessions.
However, if the currency exchange rate breaches the support line, the next target for bearish traders would be at the 1.7120 area.
