The British Pound has declined by 1.26% against the Australian Dollar since June 22. The currency pair breached the 200– period simple moving average at 1.8365 on June 28.
Given that the exchange rate has bounced off the 200– period SMA support level at 1.8365, bulls could drive the price higher during the following trading sessions. The potential target for the GBP/AUD pair will be near the 1.8600 area.
However, the weekly resistance level at 1.8440 could provide resistance for the currency exchange rate this week.
