The Pound Sterling has been depreciating against the Australian Dollar since the currency pair reversed from a swing high of 1.8777 on October 11.
The exchange rate breached a support cluster formed by the combination of the weekly, the monthly, and the 50-hour simple moving average at 1.7697 during the morning hours of Tuesday’s session.
From a theoretical point of view, it is likely that the currency exchange rate continues its downward movement with this session.
If this decline continues, a potential breakout through the lower boundary of a dominant ascending channel is likely to occur during the following trading sessions.
