Since the beginning of May, the British Pound has declined by 4.84% against the Australian Dollar. The currency pair was pressured lower by a long-term descending channel pattern.
As for the near future, the GBP/AUD exchange rate will most likely continue to trade in the long-term descending channel pattern. The possible target would be at the 1.8200 area. Furthermore, technical indicators suggest selling signals on the daily time-frame chart.
However, the weekly S1 at 1.8475 could provide support for the currency exchange rate in the short-term.
