GBP/AUD’s breach of 1.7587 minor support today suggests that recovery from 1.7423 has completed at 1.7923. The cross is staying well below falling 55 day EMA, keeping outlook bearish. Deeper fall could now be seen to retest 1.7423 low first. Break will resume whole down trend from 2.0854 for 38.2% projection of 2.0854 to 1.7493 from 1.8526 at 1.7242.
If that happens, underlying strength in the Aussie would be further affirmed in AUD/USD breaks through 0.7741 temporary top.
