The Pound Sterling has increased its trading range against the Australian Dollar. This movement has been constrained by a one-month ascending channel.
Currently, the pair is trading near the lower boundary of the channel pattern at 1.8097. the likely outcome would be a reverse from the bottom border and a surge towards a resistance cluster formed by the weekly R1 and the 100-hour simple moving average at 1.8195.
Technical indicators on the 4(H) time frame suggest that this move might not happen immediately.
The important level to look out for within this session will be at a support cluster formed by the monthly S1 and the 200-hour SMA at 1.7043.
