Ransquawk

GBP/AUD looks very technical in the recent period. The daily chart shows a newly created downward channel, and now the price reflected from the upper edge. In addition, it is also a test of the previous low. After two supply pin bars, today the price behaves in a similar way. It seems, therefore, that the technique clearly indicates upcoming bearish movement. The Australian currency is highly sold out, which may be conducive to the correction, and the pound remains under political pressure as well as due to weak readings from the local labor market.

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Ransquawk