The GBP/AUD pair has been confined by an ascending channel since after it touched the lower boundary of the dominant channel at 1.6180 early September, 2017.
After reaching the 50.00% Fibonacci retracement level, the currency exchange rate continues it smooth movement north. This retracement can be measured by connecting the low at 1.6180 and the high at 1.8007.
As for the near future, analysts project that the pair is likely to continue rally until it breaches the upper boundary of the dominant channel. If or when it happens, the movement could find resistance at the monthly pivot point at 1.8101.
