The British Pound has continued its downside movement against the Australian Dollar. The currency pair has depreciated about 0.94% in value since last week’s trading sessions.
The exchange rate is currently testing a resistance level formed by the 50-hour simple moving average at 1.8331.
If this resistance line holds, a decline towards a support cluster formed by the combination of the weekly and the monthly PPs at 1.8160 could be expected during the following trading session.
However, if the currency exchange rate passes the 50-hour SMA, bulls could aim for the 200-hour moving average at 1.8513 within this week’s trading sessions.
