The Pound Sterling has been depreciating against the Australian Dollar since the currency pair reversed from the upper boundary of a descending channel pattern at 1.8850 on March 14.
The exchange rate breached the lower boundary of a medium-term ascending channel pattern at 1.8344 during yesterday’s trading session.
From a theoretical point of view, it is likely that the currency exchange rate continues its downward journey within this session.
The potential downside targets for bearish traders will be near a support cluster formed by the combination of the weekly and the monthly PPs at 1.8214 in the shorter term.
