GBP/CAD 4H Chart: Breaches Channel Pattern

GBP/CAD 4H Chart: Breaches Channel Pattern

The GBP/CAD currency pair has been appreciating in a descending channel pattern. This surge began after the Pound Sterling breached a support level formed by the weekly S1 at 1.6844.

The exchange rate tested the upper boundary of the descending channel pattern at 1.7079 during the Asian session on Monday.

Given that the currency exchange rate has breached the channel pattern, it is likely that the pair could aim for the monthly PP at 1.7204 today.

However, a resistance level formed by the 100-hour SMA at 1.7103 could restrict the British Pound from gaining further strength against the Canadian Dollar during the following trading sessions.

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