The GBP/AUD currency pair has been constrained by a long-term pattern. The most recent channel was formed in the middle of May, and it has driven the rate lower in between the line of a dominant pattern.
Following a test of the upper boundary of the junior channel and the 100– hour simple moving average late last week, The British Pound continued to depreciate towards the dominant channel at 1.7502.
Everything being equal, the currency exchange rate is likely to continue moving south until the aforementioned dominant channel is breached. Meanwhile, technical indicators flash a sell signal.
