Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/AUD outlook weaker on renewed downside pressure

• GBP/AUD declined on Friday as buoyed risk sentiment and hawkish RBA expectations boosted Australian dollar.

• RBA  will hold its key policy rate at 4.35% for a fourth straight meeting on Tuesday ,  RBA  will remain on hold, but they will  maintain and possibly amp up their rhetoric about the risk of a hike

• GBP/AUD  drops swiftly from 1.9099 to 1.8951. Break lower 38.2%fib risks run towards 1.8850 level .

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 37.

• Immediate resistance is located at 1.9050( 50%fib), any close above will push the pair towards 1.9099 (Daily high).

• Immediate support is seen at 1.8951(38.2%fib) and break below could take the pair towards 1.8833 (23.6%fib).

Recommendation: Good to sell   around 1.8980 with stop loss of 1.9100  and target price of 1.8900.
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.