The Pound Sterling has depreciated about 1.74% against the Australian Dollar since January 7. However, a support level formed by the weekly S1 at 1.7629 hindered the currency pair from further depreciation.
Currently, the exchange rate is testing a resistance cluster formed by the combination of the 50– and 100-hour SMAs at 1.7908.
If this cluster holds, the currency exchange rate will aim for the lower boundary of an ascending channel pattern at 1.7600 today.
However, if the pair passes the SMAs, the next target for bullish traders during the following trading sessions will be at the upper boundary of the channel pattern at 1.8295.
