The price movement of the GBP/CAD currency pair has been steered by a junior descending channel. The pair tested the upper boundary of the junior pattern on March 19 and followed by a new wave down.
The combination of the 55– and 100– hour simple moving averages have been pressurizing the exchange rate lower after a crossed over of the SMAs on April 4. Furthermore, the pair has breached both the monthly and the weekly PPs near the 1.8017 area.
Everything being equal, a breakout is expected through the lower boundary of a dotted trend-line during the following trading sessions. Technical indicators suggest that bears are likely to grow stronger within the following days.
