Last weeks weekly candle showed that GBP/AUD finished the week higher then when it started but any encouragement that this gives to GBP/AUD BULLS is misplaced as the price hit 1.6722 earlier in the week and now stands 200 pips lower. Technically the picture is extremely BEARISH on all key time frames and its hard to see how the G/A rallies from these levels.
With price sinking back under the 200sma on the DTF and RSI heading down, a move back to 1.6380 looks inevitable. We wont know if this is a pullback or a more serious decline until support levels lower down are either broken or held.
With price sinking back under the 200sma on the DTF and RSI heading down, a move back to 1.6380 looks inevitable. We wont know if this is a pullback or a more serious decline until support levels lower down are either broken or held.
