Following a reversal from the lower boundary of a dominant ascending pattern on June 6, the British Pound began a new wave in a channel up against the Australian Dollar.
The ascending movement could be considered to be a retracement. Also, the 55– hour simple moving average has been guiding the exchange rate to the higher. However, this gained has been temporarily stopped by the weekly pivot point located near the 1.7964 mark.
Given that the three SMAs have crossed over below the price, this could signals a continues upward movement during the following trading sessions.
