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GBP/AUD drops below 1.8000, 8-week low

FXStreet (Córdoba) - GBP/AUD is falling for the third day in a row and reached levels under 1.8000 for the first time since September. The pair recently bottomed at 1.7980 and currently is hovering around 1.8000.

GBP/AUD reversing from 1.8650

Last week the pair rose to test September highs but found resistance at 1.8650 and started to retreated. Initially found support around 1.8280 - 1.8300 but yesterday, after Bank of England’s Inflation report broke below and accelerated to the downside.

On Wednesday dropped more than 200 pips and today is falling almost a hundred. From last week highs has fallen 3.5%, making a sharp reversal. GBP/AUD is having so far the worst weekly performance since August.

GBP/USD Trading at year lows - FXStreet

Valeria Bednarik, Chief Analyst at FXStreet sees Pound’s negative tone firm and continuing while posting a daily low of 1.5730 so far.
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