The British Pound has surged by 763 pips or 3.95% in value against the Australian Dollar since the beginning of March. The currency pair tested the weekly R2 at 2.0230 on Monday.
Technical indicators demonstrate buying signals on both the smaller and the larger time-frame charts.
Most likely, the exchange rate will continue to edge higher during the following trading sessions. The possible target will be at the psychological level at 2.0800.
However, if the ascending channel pattern holds, the currency exchange rate might make a downside retracement within this week’s trading sessions.
