The British Pound has declined by 1.71% against the Australian Dollar since August 21. The currency pair breached the 50-, 100– and 200– period SMAs during the past two weeks.
Everything being equal, the GBP/AUD exchange rate could continue to decline in a narrow descending channel pattern during the following trading sessions. The possible target for bears would be at the 1.7950 level.
However, the weekly support level at 1.8028 could provide support for the currency exchange rate within this week’s trading sessions.
