The British Pound has been declining in a descending channel pattern against the Australian Dollar since the beginning of December. The GBP/AUD currency pair tested the lower line of the channel pattern at 1.7500 during last week’s trading sessions.
All things being equal, the exchange rate could continue to edge lower during the following trading sessions. A breakout through the lower boundary of the descending channel pattern could occur.
However, the weekly S2 at 1.7480 could provide support for the currency exchange rate within this week’s trading sessions.
