The GBP/AUD currency pair has been guided by a two-month descending channel. This pattern was formed on April 26 and has driven the rate lower toward the bottom boundary of an ascending channel.
Following a test of the southern border of the dominant ascending channel on June 4, bulls tried to take control of the market; however, a resistance set by doubleheader pushed the pair south.
Everything being equal, it is likely that the currency exchange rate strengthens during the following trading sessions toward the 200-hour simple moving average. In addition, technical indicators favour bulls to grow stronger.
