The British Pound appreciated about 1.08% in value against the Australian Dollar during last week’s trading sessions. The currency pair tested the upper boundary of a descending channel pattern at 1.8380.
As for the near future, it is likely that the GBP/AUD exchange rate will continue its upward swing. A potential breakout through the upper boundary of the descending channel pattern during the following trading sessions.
If this breakout occurs, a surge towards a resistance level formed by the weekly R2 at 1.8513 could follow in the short-term.
