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28 Mar 2014
GBP/AUD risks to the downside - TDS
FXStreet (Guatemala) - Strategists at TD Securities noted that the GBP/AUD remains at risk of a deep slide.
Key Quotes:
“Losses have slowed through the end of the week but trend momentum is bearishly aligned across the longer-term studies and monthly price action (bearish key month reversal is all but certain) suggests a major turning point in this cross”.
“We look for limited gains (1.81/1.83 at most) from here and, with the GBP sliding below the neckline of the bearish H&S reversal that formed up through the early part of this year, a drop to 1.7150 (measured move target) beckons”.
Key Quotes:
“Losses have slowed through the end of the week but trend momentum is bearishly aligned across the longer-term studies and monthly price action (bearish key month reversal is all but certain) suggests a major turning point in this cross”.
“We look for limited gains (1.81/1.83 at most) from here and, with the GBP sliding below the neckline of the bearish H&S reversal that formed up through the early part of this year, a drop to 1.7150 (measured move target) beckons”.