By Anton Eljwizat
A bullish movement of the GBP/AUD cross hasn’t received much support as of late. Below, I will demonstrate that the GBP/AUD pair has already commenced a downward trend for today, as a bearish cross has taken place on the Slow Stochastic. In addition, the Relative Strength Index indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure, and the cross may tumble another 40-110 pips in the coming 2 days. Traders are strongly advised to take advantage of the trend at an early stage. Therefore, why not open short positions at an excellent price?
The next support level is located at the 1.5970 level.
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