The GBP/AUD currency pair made a U-turn south from the upper boundary of a junior descending channel pattern at 1.8865 on May 6.
As shown on the 4(H) chart, the 50-, 100– and 200-hour simple moving averages are above the price level. Therefore, it is likely that the British Pound could continue its decline against the Australian Dollar in the short-term. The exchange rate might aim for the weekly and the monthly pivot points at 1.8192 during the following trading sessions.
If the support cluster holds at 1.8192 holds, a reversal north could come into play in the nearest future.
