The Pound Sterling has declined by 409 pips or 2.32% against the Canadian Dollar since last week’s trading sessions. The currency pair breached the 50-, 100– and 200– period SMAs last week.
Technical indicators flash selling signals on both the 4(H) and the daily time-frame charts. Therefore, the GBP/CAD exchange rate could continue to edge lower within this week’s trading sessions. The potential target would be near the support cluster at the 1.7000 region.
However, the weekly support level at 1.7256 could provide support for the currency exchange rate in the shorter term.
