The British Pound has depreciated substantially against the Australian Dollar during the past one week. This bearish momentum has pushed the currency pair towards the lower boundary of a dominant ascending channel.
At the time of this analysis, a strong support cluster set by the combination of the weekly and the monthly pivot point near 1.7983 was providing support for the rate from falling.
Everything being equal, the GBP/AUD exchange rate is likely to make a corrective move north during within this day. Meanwhile, technical indicators favour bears to grow stronger during the following trading session.
