Is GBP/AUD About to Crash?

Sean Lee at FXWW sounds the alarm for the Pound / Australian dollar exchange rate:

"There is a short-term topping pattern in both EUR/AUD and GBP/AUD, but have a look at the daily picture for GBP/AUD. I know it’s not clever to pre-empt any formations, but if this pair breaks cleanly below 1.6870 then we could get a sharp 700 pip sell-off?"

Go to our custom charts, and select GBP/AUD to make your own conclusions about this pair.
Also note that the Australian dollar is showing some renewed signs of strength.

Boris Schlossberg at BK Asset Management says the primary expression of Aus Dollar strength is via the AUD/USD rate:

"Overall, the market took the results out of China to be net positive and helped rally Aussie to fresh weekly highs as the pair cleared the 9150 level. The Aussie is now fully 300 points off its lows as it continues to rebound after months of relentless selling.

"Although this appears to be nothing more than a relief rally within an overall downtrend, the unit could try to climb towards the 9300 level over the next few days before hitting any meaningful resistance."