GBPAUD Holding on at vulnerable support...

As the UK goes into a 4 day weekend with the Jubilee bank holiday the pound is looking very desperate especially on the GBP/AUD. It is currently holding onto support arround the 1.7450 region and looking at previous downside breakouts at this level in the past we have seen a 200 pip sharp movement which could be very worrying for the pair.

On the higher timeframes around the weekly and daily it also look extremely bearish and here on the 4 hour we can see all of the moving averages pointing down providing a resistance for the pair.

Movements over the coming weeks on this pair will in very interesting to watch.