NAB discusses GBP/AUD technical outlook and flags an evolving medium-term down-trend with a scope for sub-1.70 targets.
"Consolidation below the broken 2017/2018 uptrend in June/July has again shifted to an impulsive multi-week decline, last week’s close being a new six month low weekly close.
A comprehensive negative MT/LT momentum bias complements this MT downtrend structure. Further confirmation of the MT downtrend is pending upon a weekly close below key support levels at 1.7520/70. A weekly close below 1.7250/70 will be further confirmation of the evolving MT downtrend and sub 1.70 MT target," NAB argues.