The British Pound has declined by 6.69% against the Australian Dollar since the beginning of April. A breakout occurred through the lower boundary of an ascending channel pattern during last week’s trading sessions.
Technical indicators flash sell signals on both the 4(H) and the daily time-frame charts. Therefore, bearish traders could continue to pressure the currency pair lower during the following trading sessions.
However, a support level formed by the weekly S1 at 1.9196 could provide support for the GBP/AUD currency exchange rate in the short-term.
