Looking at British pound versus Aussie dollar here where we see the right shoulder forming on a potential head and shoulder pattern which points to British pound dropping lower in value versus Aussie dollar.
On our trading view chart we have highlighted the break higher yesterday and overnight failed to breach a prior high of 1.8669 in late April and has since turned lower forming multiple hourly candles below.
Despite even more negative rhetoric from Trump on China overnight British pound failed to hit the prior highs of 1.90 or the mentioned at 1.8669. This adds as a confirmation of our view that this pair will turn lower down to 1.85 area and potentially lower.
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