The British Pound has surged by 3.01% against the Australian Dollar since October 14. The GBP/AUD currency pair tested the 1.8500 level during last week’s trading sessions.
As for the near future, the exchange rate is likely to continue to trend in an ascending channel pattern. Bulls could target the 1.8600 level during the following trading sessions.
However, a resistance cluster formed by the 50– period simple moving average and the weekly pivot point at 1.8326 could provide resistance for the currency exchange rate in the shorter term.
