The Pound Sterling has been trading in a long-term channel up against the Canadian Dollar since September, 2017. During this rally, Sterling reached a new high at 1.7659.
The currency exchange rate has breached a resistance cluster set by the monthly pivot points and the 55– and 100– hour SMAs, as it can be observed in the chart.
The GBP/CAD pair is likely to continue moving north to re-test the high at 1.7659. Traders should look for opportunities to trade long, as technical indicators suggest the rally could continue.