During last week’s trading sessions, the British Pound depreciated about 247 base points against the Australian Dollar. The decline was stopped by the 50-hour simple moving average at 1.8550.
Everything being equal, it is likely that the GBP/AUD currency pair aims for the lower boundary of an ascending channel pattern at 1.8503 during the following trading sessions.
If the support level formed by the bottom border of the channel pattern holds, the currency exchange rate will continue its upside movement in the long-term.
Meanwhile, technical indicators flash bullish signals on both the smaller and the larger time-frame charts.
