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April 28, 2016
GBP/AUD is starting to show some strength and may be able to retrace a part of the downtrend it has been showing.
In the weekly chart below you can see that GBP/AUD has found support around the 1.8360 level and is currently forming a rather large green candle. RSI is pulling back from the oversold level and the pair may very well be poised to move higher, potentially all the way up to the prior support level around 2.000.
In the event prices fail to rise and move back to the support level around 1.8360, we might eventually see a new low and a continuation of the downtrend.
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