GBP/AUD Close To Support

GBP/AUD is trading close to major support at 1.5750. The pair is in its worst performance since the beginning of September 2015 when it started going downhill. Then in mid-2016 Brexit came and made things worse and now the pair is at a 4 year low. The last time GBP/AUD reached below 1.60 was in 2013 when it bottomed out at 1.4380.

Now the pair is trading at 1.6150 as bulls find it hard to push above the 200SMA at 1.76. They tried to go higher in the last two months of 2016 and made it to 1.72 but bears took the stage again and now the near future of the Sterling looks fragile.

Today we have important news coming out of Britain - GBP Consumer Price Index. If it's good, then we should see the Sterling go higher, but if not, the major support level is exposed to bear attacks.

Chart: GBP/AUD D1