GBP/AUD technical analysis: Moving back to the downside post GDP

• GBP/AUD bears gunning for a break to the 1.72 handle
• Bulls need a 50% mean reversion to the 1.7950 level.

GBP/AUD has moved back to the downside on the latest round of data from the Australian economy in Gross Domestic Product for the second quarter.  The cross has been in the hands of the bears since the GMMA bands crossed and with the pair crossing the ATR line to the downside, bears were drawn in.

The cross is now en route to the rising trend line established at the end of last month and bears seek a break and hold below the 1.77 handle. A break of the lat 2018 to recent swing lows trend line opens risk to the 1.72 handle. On the upside, a 50% mean reversion of the latest swing low and high comes in at 1.7950 to put them back on track.