During the past week, the British Pound has appreciated about 1.91% in value against the Canadian Dollar. A breakout occurred through the upper boundary of a descending channel pattern.
Given that a breakout had occurred, the GBP/CAD currency pair will likely target a resistance level formed by the weekly R2 at 1.6379 during the following trading sessions.
However, a resistance cluster, formed by the 200– period simple moving average and the monthly pivot point at 1.6213 could stop bullish traders from pushing the higher in the short term.
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