The British Pound has been appreciating in an ascending channel pattern against the Australian Dollar since the middle of April. The currency pair tested the upper boundary of the channel pattern at 1.8876 during Monday’s trading session.
After hitting the upper band of the ascending channel, the exchange rate began to decline. The pair is currently testing a support line formed by the weekly pivot point at 1.8614.
As for the near future, it is likely that the GBP/AUD currency exchange rate will continue to edge lower. The potential downside target will be near the 50-hour simple moving average at 1.8518.
