The Pound Sterling has surged by 1.61% against the Australian Dollar since last week’s trading sessions. The currency pair tested the 200– period simple moving average at 1.8153 on July 10.
All things being equal, the exchange rate could continue to edge higher within this week’s sessions. A possible breakout through the upper boundary of a descending channel pattern could occur.
However, the 200– period SMA could still provide resistance for the GBP/AUD currency exchange rate during the following trading sessions.
