Following the Bank of England decision and the fact that they are backing away from the idea of negative rates allowed the GBP/AUD to pivot off some key support. Just below the 1.7800 level was a broken trendline (red) and also the 38% retracement of 2021 move higher. Also, this is the 50-day moving average and 48ema. As long as the 1.7800 level holds, the risk for a move to the 200 dma and higher seems appropriate near-term.
