GBP/AUD: Back below 2.00 more to come

I remain very bearish on this pair in the short-to-medium-term and the GBP is likely to take a hit when the date for the Brexit referendum is announced (expected to be in June). Whilst a ‘remain’ vote looks highly likely to win, reports such as that from Goldman Sachs which suggested that the GBP could lose 1/5th of its value on an ‘exit’ vote are sure to keep the pound in volatile mode.

I prefer to trade cable with a bearish intraday bias in anticipation of a test of levels near 1.38.

For the more strategically minded, the short GBP/AUD trade looks like a good play, targeting levels below 1.9000.

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