The British Pound has continued to trade in an ascending channel pattern against the Australian Dollar. The currency pair tested the upper boundary of the channel pattern at 2.0622 on March 19.
Currently, the exchange rate is trading near a support cluster formed by the 50– and 100– period SMAs at 1.9976.
If the support cluster holds, bullish traders could aim for a re-test of the upper border of the ascending channel at 2.0777.
However, if the channel exchange rate breaks the 50– and 100– period SMAs, a decline towards the 1.9400 area could be expected during the following trading sessions.