The British Pound has been trading in a junior ascending channel against the Australian Dollar. The exchange rate bounced off the bottom border of the pattern on June 5 and has since rallied.
The currency pair tested the upper boundary of a downtrend line during the early hours of yesterday session and made a pullback. As a result, the pair dashed through the three SMAs.
Given that the GBP/AUD currency exchange rate is moving toward the lower boundary of the junior ascending channel pattern, a breakout south could be expected within the next trading sessions.