During last week’s trading session, the Pound Sterling depreciated about 2.05% against the Australian Dollar. However, the currency pair maintained the medium-term ascending channel pattern.
The exchange rate bounced off a support level formed by the monthly pivot point at 1.8432 during yesterday’s trading session.
Everything being equal, it is likely that the currency exchange rate will aim for the upper boundary of the medium-term ascending channel pattern at 1.8995 during the following trading days.
Meanwhile, technical indicators flash buy signals on both the daily and the weekly time frames chart.
