GBP/CAD 4H Chart: Bearish momentum continues
The Pound Sterling has declined substantially against the Canadian Dollar during the past one month. This bearish movement has pressured the exchange rate towards the lower boundary of a dominant ascending pattern.
During the morning hours of Monday’s trading session, the GBP/CAD currency pair was bouncing between a resistance formed by the 55– hour simple moving average and a support cluster set by the combination of the weekly and the monthly PPs near the 1.72 area.
Everything being equal, a breakout through the bottom border of the dominant ascending channel could be expected within the following trading sessions. Meanwhile, on the daily time-frame, technical indicators flash strong sell signals.
During the morning hours of Monday’s trading session, the GBP/CAD currency pair was bouncing between a resistance formed by the 55– hour simple moving average and a support cluster set by the combination of the weekly and the monthly PPs near the 1.72 area.
Everything being equal, a breakout through the bottom border of the dominant ascending channel could be expected within the following trading sessions. Meanwhile, on the daily time-frame, technical indicators flash strong sell signals.