During the past week, the British Pound has lost about 1.31% of its values against the Australian Dollar. The currency pair moved closer to the bottom border of an ascending channel pattern at 1.8000.
The exchange rate is currently testing a resistance cluster formed by the 50– and 100-hour SMAs at the 1.8153 area.
If the cluster holds, a potential breakout through the lower boundary of the channel pattern could be expected in a short while.
However, if the currency exchange rate passes the moving averages, Bulls could push the pair towards a swing high of 1.8336 during the following trading sessions.