The British Pound has been losing strength against the Canadian Dollar in a steep descending channel. This movement has been guided by a four-month downtrend channel.
During the past few days, a breakout through the lower border of an ascending trendline had occurred as can be seen on the chart. Furthermore, the 55-hour simple moving average has been directing the currency pair lower since July 16.
Technical indicators flash bearish signals on both the 4H and the daily time-frame. This could suggest that the GBP/CAD currency exchange rate is likely to continue moving In the descending channel during the following trading sessions.
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