The British Pound declined by 467 pips or 2.52% against the Australian Dollar during last week’s trading sessions. The decline was stopped by the monthly S1 at 1.8127 last week.
Currently, the currency pair is trading near the monthly support level at the 1.8127 area.
If the monthly S1 holds, a breakout through the upper boundary of a descending channel pattern could occur within this week.
However, if the exchange rate breaks the monthly support line, bearish traders would continue to dominate the GBP/AUD currency exchange rate during the following trading sessions.
