Since the beginning of April, the Pound Sterling has declined by 4.98% against the Australian Dollar. The currency pair tested the lower boundary of an ascending channel pattern at 1.9549 on Tuesday.
Given that the exchange rate is trading near the bottom border of the channel pattern, a breakout could occur within the following trading sessions.
However, if the ascending channel pattern holds, bullish traders could pressure the currency exchange rate higher towards the weekly R2 at 2.0726 before the end of next week’s trading sessions.
