The Great British Pound has appreciated about 3.19% in value against the Australian Dollar since September 12. The currency pair breached a resistance cluster formed by the weekly pivot point and the monthly R1 at 1.8388 on September 20.
As for the near future, the GBP/AUD pair will most likely edge lower. The potential target for bearish traders would be near a support cluster set by the combination of the 50– hour simple moving average and the weekly S1 at 1.8172.
If the support cluster holds, the currency exchange rate will make an upside reversal during the following trading sessions.
