FXstreet.com (San Francisco) - The Australian dollar continues to gain on its British counterpart this Tuesday, as GBP/AUD has just slipped to a fresh 3-day low of 1.5160, down 0.6% on the day.
The long-term trend bias remains bearish as price continues to trade below the descending 21-month EMA. On the daily chart, moving averages are diverging and aiming to the downside.
GBP/AUD now trades just above ascending trendline support (5 July/11 July trough), a break of which could leave room for the market to reach support at 1.5030 (3 Jan low), then 1.4960 (7 March high).
The long-term trend bias remains bearish as price continues to trade below the descending 21-month EMA. On the daily chart, moving averages are diverging and aiming to the downside.
GBP/AUD now trades just above ascending trendline support (5 July/11 July trough), a break of which could leave room for the market to reach support at 1.5030 (3 Jan low), then 1.4960 (7 March high).
