Ransquawk

Interestingly and quite technically looks the GBP/AUD on the daily chart. The course has been respecting price formations for a long time. The graph shows that the edges of the growth channel were exactly respected, and after the price went down there was a re-test (correction) to the bottom edge and important resistance. Currently, the price is starting to fall.

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If the course was to respect a channel again, by drawing the bottom edge to the well-respected bearish line, we get a potential, large space for declines. The nearest goal of supply, however, is the low from June. The reports on Brexit negotiations will be of key importance. Recently, several important people in the UK have presented negative predictions about chances for an agreement with the European Union, which weakens the pound.

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Ransquawk