Nick Nasad
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GBP/AUD - Looks Set to Extend Downswing After Double Top

As the Wednesday NY morning session has progressed, commodity currencies strengthened against the EUR and GBP, fueled by increased risk sentiment surrounding events in Washington.


In the 1-HR chart above we see that the GBP/AUD fell back to its lows from yesterday's session near 1.6710, and a break there will extend the downfall the pair has seen over the last 2 /3 weeks.

Zooming out to a longer term timeframe to give us more context, we see that the pair has room to fall to the 1.65 handle, and the 1.5360 level which is the measured move projection from the completed double top pattern.

- Nick