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British Pound Breakdown Seen Through GBP/AUD and GBP/USD

British Pound Breakdown Seen Through GBP/AUD and GBP/USD

2014-03-21 11:55:00
Christopher Vecchio, CFA, Senior Strategist
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Talking Points:

- GBPAUD may be topping below 1.8100 (Head and Shoulders).

- GBPUSD breakdown could accelerate, AUDUSD could rally.

- Quiet Friday calendar sees Fed speeches as top events.

To keep up with developments central banks and their policy changes, be sure to sign up for my distribution list.

The British Pound is continuing to lose ground and near-term topping opportunities may be seen aganist the Australian and US Dollars. The GBPAUD topping pattern isn't just indicative of Australian Dollar strength (even as AUDUSD consolidates in an ascending triangle) - it also sees GBPUSD dropping below the July 2013 to February 2014 rising trendline.

Read more: Fed Hints at 2014 Rate Hike Giving USD Much Needed Lift

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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