GBP/AUD’s break of 1.7847 support today now suggests that corrective rebound from 1.7493 has completed at 1.8526 already. Rejection by 55 week EMA keeps outlook bearish. Fall from 1.8526 could either be the second leg of a consolidation pattern from 1.7493, or resuming the down trend from 2.0854. Immediate focus is now on falling channel support at 1.7718.
Firm break of the channel support will favor the latter case of down trend resumption, and bring retest of 1.7493 low first. Though, break of 1.8048 minor resistance will indicate stabilization and turn bias neutral.
