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.

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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.

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