Having broken through a trend-line upwards and began marking a possible reversal, the British Pound - Australian dollar pair has entered a wide range between the low of 1.58 and the high of 1.640, and is expected to continue horizontal movement in the near future. Yesterday after it approached the upper limit of the range (the level of 1.6415) the pair began indicating the possibility for a downwards movement that would take the price level back to the lower limit of the range.
A daily close below the support level of 1.6250 will signal about the downside movement, forming an entry trigger for a sell deal. That said, another trigger can be used in the case of a continued upwards movement towards 1.6500, the boundary of the range. The goal for exit from the sell deal is set near the support level representing the lower boundary of the range around 1.5900 Australian dollars per British pound.
