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.

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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.


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