The British Pound has been appreciating in an ascending channel pattern against the Australian Dollar since the end of July. The currency pair surged by 3.13% in value during last week's trading sessions.
The exchange rate is currently trading near the upper boundary of the ascending channel pattern at 1.8620 and could be set for a breakout.
If the breakout occurs, a surge towards the resistance level at 1.9072 could follow during the following trading sessions.
However, a resistance cluster formed by the weekly and the monthly PPs at 1.8875 could hinder such bullish move.