The GBP/AUD currency pair has been steered in several long and medium-term channel which has guided the price higher since 2017. The most important pattern is the dominant ascending channel which was formed on September 7.
When looking at the pair movement in the short term, the junior pattern is an ascending channel which was formed early March. The British Pound bounced off its lower boundary and has since surged against the Australian Dollar.
Everything being equal, the exchange rate is likely to continue trading north. However, a corrective movement south is a possibility during the following trading sessions. Though, the pair could encounter a massive support cluster set by the combination of the weekly, the monthly and the 100– hour simple moving average near 1.8123.
