GBP/CAD 4H Chart: Breakout Occurs

Technical analysis of Forex market

The Pound Sterling has surged by 1.70% against the Canadian Dollar since July 5. A breakout occurred through the upper boundary of a descending channel pattern during last week’s trading sessions.

Given that a breakout has occurred, buyers are likely to continue to pressure the exchange rate higher during the following trading sessions. The potential target for the exchange rate will be near the 1.7550 area.

However, the resistance level at 1.7323 could still provide a barrier for the GBP/CAD currency exchange rate during this week’s trading sessions.