As for the rationale, technical traders seem to be citing the appearance of double top, flag and gartley technical patterns.
This imputes a buy/sell ratio of 0.57, which is bearish.
Or to simplify this another way, note that out of the past 30 days gbpaud’s price has gone down 17 them.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
Price is currently in wave iv, which unfolded as a w-x-y double zigzag pattern….
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
The closest is the 50 day average, which is 550.9 pips away.
It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign.