GBP/CAD 4H Chart: Short-Term Surge Expected

Technical analysis of Forex market

The British Pound has appreciated about 1.58% in values against the Canadian Dollar since last week. The currency pair was supported by a cluster formed by the of the weekly and the monthly PPs and the combination of the 50-,100 and 200-hour SMAs at 1.7170.

A for the near future, it is likely that the currency exchange rate continues its bullish movement. Buyers could push the pair towards the upper boundary of a dominant descending channel pattern at 1.7409.

Most likely, the GBP/CAD currency pair makes a brief retracement towards a psychological level of 1.7200 during the following trading sessions.

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