The great British Pound versus the Australian Dollar is currently trading in a junior descending channel pattern. The channel pattern was formed on August 25 and has guided the currency pair lower during this period.
The GBP/AUD exchange rate will most likely continue to maintain the descending channel pattern during this week’s trading sessions. Bears might drive the pair towards the monthly S1 at 1.7689.
However, given that the currency exchange rate is trading near the upper boundary of the descending channel, a breakout could be expected within this week’s sessions.
