GBP/AUD Depreciating

GBP/AUD on the daily chart shows a good bearish signal. A few days ago we began monitoring pair for a move to the area of 1.67000 in expectation for price to show a potential new lower high rejection. This area has confluence of our EMA's and the50% Fibonacci retracement.

At the end of last week we have seen price show the rejection we were looking for, which was helped by the BoE news. Now, the candle is very bearish , so we will wait and see how tomorrows candle closes for next week.

Oddly enough, there are no news this week that could cause a stir in the Sterling except Thursday's Manufacturing Production. This could lead the pair further South as market participants await fresh news in order to gain an understanding of how the UK economy is performing.

Chart: GBP/AUD D1