This pair denotes how many Australian Dollars are needed to purchase one British Pound. Often, the Australian Dollar is referred to as a risk currency due to its relatively higher interest rates and correlation to global equity markets. The British Pound depreciated relative to the Australian Dollar after 2008 and only began making a significant rebound in 2013 in light of declining growth in China and a slowdown in the global commodity supercycle, which has hurt Australia's largest sector, mining.
GBPUSD pushed back down towards May lows as GBPJPY built-in a bearish engulfing pattern. But brighter days may be ahead in GBPAUD after a morning star formation.