The British Pound depreciated about 1.40% in value against the Australian Dollar during last week’s trading sessions. The currency pair was pressured south by the 50-hour simple moving average.
Most likely, the exchange rate could continue its southern movement until it reaches a support level at 1.7650.
If the support line holds, a potential upside reversal might occur during the following trading sessions.
Meanwhile, technical indicators demonstrate that the currency exchange rate will continue to edge lower in the short-term.