The British Pound has continued its decline against the Australian Dollar in a narrow descending channel since last week’s trading sessions. The currency pair has lost about 1.25% in value during this time period.
Everything being equal, it is likely that the GBP/AUD exchange rate will continue its decline within this week’s trading sessions. A potential breakout through the lower boundary of the narrow descending channel pattern at 1.8044.
If this breakout occurs, bearish traders could drag the currency exchange rate towards a swing low at 1.7877 during the following trading sessions.
