The British Pound has declined by 580 pips or 2.97% against the Australian Dollar since last week’s trading sessions. The currency pair was pressured lower by the 100– period simple moving average.
As for the near future, the GBP/AUD exchange rate could continue to edge lower in a descending channel pattern. The potential target would be near the monthly support level at 1.8686.
Although, given that the currency exchange rate is currently trading near the upper line of the descending channel pattern, a breakout could occur during the following trading sessions.
