The British Pound has been trading in an eight-month ascending channel against the Australian Dollar. The GBP/AUD pair bounced off the lower boundary of a dominant channel on September 8, 2017, and has since rallied against the Aussie.
Given that the currency exchange rate is moving towards the border of a junior pattern, a breakout is likely to occur during the following trading sessions.
Furthermore, the 55-hour simple moving average with the combination of the monthly and weekly PP near 1.7769 was providing support for the currency pair. If this support cluster holds, the rate could continue moving north for a test of the weekly R1 at 1.7962.
