Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD capped by the 38.2% fibonacci, good to sell on rally

• GBP/AUD strengthened on Thursday but gains were limited as investors as investors eyed US, UK economic data.

•  Investors were in a wait-and-watch mode over U.S. personal consumption expenditure (PCE) numbers, due on Friday, which could influence the Federal Reserve's stance on interest rate cuts this year.

• Additionally, UK gross domestic product (GDP)figures could add to the Bank of England's confidence to cut rates in August.

• GBP/AUD remains vulnerable, only a break and daily close above 1.9128(50% fib) will shift bias to the upside.

• Technical are bearish, daily RSI is negative at 41, daily momentum studies 14  and 21 DMAs are trending down. 

• Immediate resistance is located at 1.9051 (38.2%fib), any close above will push the pair towards 1.9125 (50%fib).

• Strong support is seen at 1.8947(23.6%fib) and break below could take the pair towards 1.8847(Lower BB).

Recommendation: Good to sell on  around 1.9040, with stop loss of 1.9150 target price of 1.8950

  • Market Data
Close

Welcome to EconoTimes

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