The Pound Sterling reversed from the lower boundary of a dominant ascending channel at 1.7200 on December 3 and started gaining strength against the Australian Dollar.
The currency pair was trading near the upper border of a medium-term descending channel pattern at 1.7700 during the morning hours of Monday’s trading session.
If the exchange rate breaks the descending channel pattern, it will aim at a resistance cluster formed by the weekly and the monthly PPs near the 1.7892 regions.
However, it is important to note that the political situation in the United Kingdom might play a significant roll in the positioning of the currency exchange rate during this week trading sessions.
