The British Pound has edged higher by 1.53% against the Australian Dollar since September 5. The currency pair breached the 50– period simple moving average on September 9.
The exchange rate is currently trading near the upper boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 1.9100 level could be expected during the following trading sessions.
However, if the channel pattern holds, bearish traders might pressure the GBP/AUD currency exchange rate lower this week.
