The British Pound has been trading in an ascending channel against the Australian Dollar since early September 2017. The currency pair bounced off the bottom border of the channel on September 8 and has since reached a one year high.
The GBP/AUD exchange rate tested the upper boundary of a junior pattern and currently retracing south. Meanwhile, the pair has breached the weekly pivot point and the 55– hour simple moving average near 1.8808.
As for near future, the currency exchange rate is likely to continue moving to the upside. However, the aforementioned retracement is expected to find a support cluster set by the combination of the weekly and the monthly PPs near the 1.8123 mark.
