The British Pound has declined by 7.67% in value against the Canadian Dollar since March 9. The currency pair tested the lower boundary of an ascending channel pattern at 1.6534 during last week’s trading sessions.
The exchange rate bounced off the bottom border of the channel pattern on March 23. Most likely, the GBP/CAD pair will continue to edge higher until it reaches the 1.8200 area.
However, a resistance cluster formed by the weekly R1 and the monthly R2 at 1.7654 could provide resistance for the currency exchange rate in the shorter term.