The Pound Sterling has been strengthening in an ascending channel against the Australian Dollar. The pair has remained trading in several ascending channels and as a result, reached a four-month high.
The currency pair has moved closer to the border of a junior pattern and a breakout could be expected through the upper boundary during the following trading sessions.
The closest upside target is the weekly R1 at 1.8251, however, from a theoretical point of view, the exchange rate has to make a corrective move south for a re-test of the monthly PP at 1.7962.
