GBP/AUD: 30.03.2017 D1 chart.
Long-term downtrend and medium choppy.
The price is sharply rebounded from diagonal resistance.
Bearish engulfing on resistance levels - likely a new bearish momentum.
Break below 50SMA, which is under the 200SMA - downtrend is valid.
Fundamental: The increase in oil prices and stabilization in the price of raw materials support the AUD, while uncertain time before the UK economy over the next two years are negative for GBP.
SL 1,6430
Alternative scenario: Return of price and holding above 50SMA will spoil the negative scenario.
Trader Nikolay Georgiev
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