The British Pound has been appreciating against the Australian Dollar since the middle of January. The exchange rate has gained about 4.96% of its values since January 15.
However, after hitting the upper boundary of an ascending channel pattern at 1.8522, the currency pair made a U-turn south.
It is likely that the GBP/AUD currency exchange rate edges lower towards a support level at 1.8029 during the following sessions.
Although a support cluster formed by the weekly pivot point and the 50-hour simple moving average near the 1.8186 area could protect the price from falling.
However, after hitting the upper boundary of an ascending channel pattern at 1.8522, the currency pair made a U-turn south.
It is likely that the GBP/AUD currency exchange rate edges lower towards a support level at 1.8029 during the following sessions.
Although a support cluster formed by the weekly pivot point and the 50-hour simple moving average near the 1.8186 area could protect the price from falling.
Note
The Pound Sterling has continued its decline against the Australian Dollar. The GBP/AUD exchange rate has lost over 500 base points of its values during the last week.
The currency pair breached both the 100– and 200-hour simple moving averages during the Asian session on Tuesday.
By and large, it is likely that the currency exchange rate continues its movement down until the pair reaches a support cluster at 1.7852.
A potential upside reversal could occur from the support cluster as mentioned earlier.
Note
The Pound Sterling has appreciated by 2.53% against the Australian Dollar since February 5. The currency pair breached both the 50-, 100-, and 200-hour SMAs during this time period.
Currently, the exchange rate is testing a support cluster formed by the combination of the weekly pivot point and the 100-hour simple moving average at 1.8181.
If the cluster holds, it is likely that a short-term surge occurs during the following trading sessions.
Although, if the currency exchange rate passes the support cluster as mentioned earlier, a decline towards the lower boundary of an ascending channel at 1.7900 could follow.
Note
During the past week, the British Pound has lost about 1.31% of its values against the Australian Dollar. The currency pair moved closer to the bottom border of an ascending channel pattern at 1.8000.
The exchange rate is currently testing a resistance cluster formed by the 50– and 100-hour SMAs at the 1.8153 area.
If the cluster holds, a potential breakout through the lower boundary of the channel pattern could be expected in a short while.
However, if the currency exchange rate passes the moving averages, Bulls could push the pair towards a swing high of 1.8336 during the following trading sessions.
Note
The Pound Sterling increased by about 1.91% in values against the Australian Dollar during the last week. The currency pair breached February 8 swing high of 1.8350 during this short period.
Everything being equal, it is likely that the British Pound will continue to gain strength during the followinag trading sessions. Buyers could push the exchange rate towards a resistance cluster formed by the weekly and the monthly pivot points at 1.8501.
Meanwhile, technical indicators flash bullish signals on both the daily and weekly time frames.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.