The Pound Sterling has declined by 2.63% in value against the Australian Dollar since February 3. The currency pair tested the 100– period simple moving average at 1.9202 during last week’s trading sessions.
As for the near future, the exchange rate could edge up in an ascending channel pattern. Bullish traders might drive the GBP/AUD pair towards the weekly R3 at 1.9753.
However, given that the currency exchange rate still possesses bearish momentum, a decline towards the support cluster formed by the 200– period SMA and the combination of the weekly S2 and the monthly S1 at the 1.9155 regions could be expected within this week’s trading sessions.
