During the last week, the Great British Pound appreciated about 2.84% in values against the Australian Dollar. The exchange rate reached October 16, 2018, high level at 1.8721 during this short period.
As for the near future, it is likely that the GBP/AUD currency pair will continue its upside momentum. Buyers could drive the rate towards a psychological price level at 1.8800.
However, the currency exchange rate could make a brief retracement towards a support cluster formed by the weekly S1 and the 100-hour simple moving average at 1.8330 during this week’s trading sessions.
As for the near future, it is likely that the GBP/AUD currency pair will continue its upside momentum. Buyers could drive the rate towards a psychological price level at 1.8800.
However, the currency exchange rate could make a brief retracement towards a support cluster formed by the weekly S1 and the 100-hour simple moving average at 1.8330 during this week’s trading sessions.
Note
During last week’s trading session, the Pound Sterling depreciated about 2.05% against the Australian Dollar. However, the currency pair maintained the medium-term ascending channel pattern.
The exchange rate bounced off a support level formed by the monthly pivot point at 1.8432 during yesterday’s trading session.
Everything being equal, it is likely that the currency exchange rate will aim for the upper boundary of the medium-term ascending channel pattern at 1.8995 during the following trading days.
Meanwhile, technical indicators flash buy signals on both the daily and the weekly time frames chart.
Note
The British Pound bounced off from a support level formed by the monthly pivot point at 1.8432 on March 12 and had since gained about 1.43% in values against the Australian Dollar.
Taking into consideration the structure of the GBP/AUD currency pair, it is likely that the exchange rate will aim for a resistance cluster formed by the combination of the weekly and the monthly pivot points at 1.8995 during the following trading sessions.
Meanwhile, technical indicators flash buy signals on both the smaller and the larger time-frame charts.
Note
The Pound Sterling has depreciated about 2.31% in value against the Australian Dollar since Tuesday last week. The currency pair reached February 8 support level at 1.8339 during last week’s trading session.
Everything being equal, it is likely that the GBP/AUD exchange rate will continue its decline during the following trading sessions. The potential downside target will be near a support cluster at 1.8151.
However, taking into considerations the political event that is happening in the United Kingdom, the technical analysis might not support the descriptions as mentioned above.
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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.