Following up on last week Monday analysis for the British Pound against the Australian Dollar. Bulls strengthened their position as expected and managed to move past the 200– hour simple moving average at 1.7782.
However, after hitting the weekly pivot point at 1.7973 on June 19, the currency pair made a brief retracement south. Meanwhile, a new junior ascending pattern has been spotted and mapped out to trail the price movement.
As for near future, the GBP/AUD currency exchange rate is likely to move further south toward the 55– and 100– hour SMAs during the following sessions before continuing its northern journey.
