Australian Dollar stays firm and continues to ride on strong overall strong risk-on markets. GBP/AUD’s breach of 1.7423 low affirms our bearish view in a prior post. Down trend from 2.0854 should be resuming.
Sustained trading below 1.7423 will target 38.2% projection of 2.0854 to 1.7493 from 1.8526 at 1.7242 first. Break will pave the way to 61.8% projection at 1.6449. Though, break of 1.7623 minor resistance will delay the bearish case and extend the consolidation from 1.7423 with another rising leg.
