Price Action: GBP/AUD 4H

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The Pound Sterling rose by 2.42% against the Aussie Dollar. The exchange rate broke a critical resistance level at 1.8000 on May 10th. Right now, the currency pair is testing the monthly R1 resistance level and could be set for a breakout. If the breakout happens, a wave towards the psychological resistance level at 1.8500 could be assumed this week. Nevertheless, bearish traders might press the GBP/AUD exchange rate lower during the following trading sessions if the ascending channel pattern holds.