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  • The Australian Dollar (AUD) dropped to 1.8170  against the British Pound (GBP) after Australian business confidence and condition details pleased Aussie buyers during early Tuesday.
  • However, the GBP/AUD pair is likely forming a BPC (breakout-pullback-continuation) pattern if it manages to bounce off the 1.8160 support comprising immediate horizontal and descending trend-lines.
  • Should the pair manages to take a U-turn from 1.8160, a rise to 1.8250 and then to 1.8300 becomes imminent.  
  • Moreover, sustained trading past-1.8300 enables the quote to aim for 1.8450 and the 1.8520 ahead of highlighting the 61.8% Fibonacci Expansion of its December – February moves, near 1.8670.
  • Meanwhile, seller’s refrain to respect the 1.8160 rest-point may drag prices to 1.8100 prior to highlighting 38.2% Fibonacci retracement of its recent upside, at 1.8015.
  • Given the Bears extended domination over the trade sentiment under 1.8015, a two-month old ascending support-line figure of 1.7920 should become their favorite.

GBP/AUD 4-Hour Chart