The British Pound has declined significantly against the Australian Dollar after the currency pair pulled back from a resistance level formed by the monthly pivot point at 1.8700.
The exchange rate breached the lower boundary of a two-month ascending channel pattern and the monthly PP at 1.8080 during the early hours of Monday’s trading session.
If this support level holds, the currency exchange rate could aim at a resistance cluster formed by the 50– and 200-hour SMAs at 1.8281 during the next 48 hours.
On the other hand, if the rate passes the support level as mentioned earlier, bearish traders could target the weekly S1 at 1.7963 within this session.
