has a stable bottom been reached

It seems that for the last couple of months the price has stayed virtually at these levels, rising to about 1.7 and falling to 1.4 - a quite tight channel. During this time there has been a couple of note conversions which has not resulted in any appreciable downward spiral (as I would have thought seeing that the All Ords has also taken a small but concerning pounding). So my question is, have we reached a stable bottom? A discussion would be most welcome as to ehy this could be the case.