AUD the strongest. GBP the weakest. That combination sends the GBPAUD tumbling lower.
The AUD and the GBP are on the move today. The AUD has been helped by a record trade surplus. The GBP was been pressured by Carney comments.
For the GBPAUD technically, the pair moved above the 100 day MA yesterday. Last week, that MA was broken as well and failed.
Today, the price fell back below that MA line at 1.66296 on the back of the trade data and then the 100 snd 200 hour MAs (both are at 1.6593 now). The technical bias was getting even more bearish on that move.
The Carney comments put the nail in the coffin and the pair fell all the way to the 61.8% of the move up from the Jan 16 low. That comes in at 1.6302.
There has been a bounce back higher off that retracement level, but the correction has remained below the 50% midpoint of the same move higher. That is now risk for shorts IF this pair is going to keep the bearish bias in place.