GBPAUD ( daily ) – On the high side of the BEARISH CHANNEL
Resume of the current downward trend?
The GBP / AUD took a breather as it continues to consolidate after its last bearish extension, were it had last hit lows of 1.4712 on the 7th August. Price for the currency pair took back more than 2 big figures as it challenged areas above 1.4900.
Technically, the GBP/AUD is on the upper extreme of the major bearish channel, which was initiated last May, and is just below a key resistance level around the 1.4950 area. Such a configuration can be an opportunity to undo the major bearish trend.
There is the possibility for a return to the 1.4700 area; inversely, a break at the close of 1.4950 areas would invalidate this scenario and could push price levels (rather quickly) to the 1.5200 area.
The 15 and 45- day moving averages are bearish. The RSI is rather weak.
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