GBP/AUD 4H Chart: Tests Support Line

The British Pound has plunged by 1.30% against the Australian Dollar since the beginning of June. The currency pair tested the weekly support level at 1.8218 on June 10.

All things being equal, the exchange rate could continue to edge lower during this week’s trading sessions. The potential target for the GBP/AUD pair will be near the lower boundary of an ascending channel pattern at 1.8063.

However, a support line formed by the 200– period simple moving average at 1.8171 could provide support for the currency exchange rate this week.