The British Pound has surged by 1.64% against the Australian Dollar since the beginning of January. The currency pair breached the 50– and 100– period SMAs during last week’s trading sessions.
As for the near future, the exchange rate could continue to trend bullish. Bulls are likely to pressure the GBP/AUD currency pair towards the upper line of a descending channel pattern at 1.7850 during the following trading sessions.
However, the 200– period simple moving average at 1.7753 could provide resistance for the currency exchange rate within this week’s trading sessions.
