The British Pound has declined by 469 pips or 2.54% against the Australian Dollar since October 30. The currency pair breached the 50-, 100– and 200– period SMAs during this week’s trading sessions.
Technical indicators suggest selling signals on the 4H and daily time-frame charts. Most likely, bears could continue to pressure the exchange rate lower during the following trading sessions.
However, given that the currency exchange rate is currently trading near the upper line of a descending channel pattern, a breakout could occur within this week’s trading sessions.
