FxWirePro: GBP/AUD edges higher from fresh 10-month lows at 1.9153, test of 1.90 levels likely
GBP/AUD hit fresh 10-month lows at 1.9153 in Thursday's trade and is currently trading a narrow range (1.9280/02) on the day. Price action has broken below channel base and has dipped below the weekly cloud. Momentum ind…
GBP/AUD hit fresh 10-month lows at 1.9153 in Thursday's trade and is currently trading a narrow range (1.9280/02) on the day.
Price action has broken below channel base and has dipped below the weekly cloud.
Momentum indicators on the weekly charts are converging with price action, downside bias seen.
The sterling outlook remains fragile ahead of the June 23 Brexit referendum, and GBP will likely struggle to advance.
The pair has retraced upto 38.2% Fib of 1.4381 to 2.23721 rise, and further downside upto 1.8377 50% Fib of 1.4381 to 2.23721 rise cannot be ruled out.
Supports on the downside are aligned at 1.91/1.90/1.8828, while resistance are seen at 1.9340/1.9450/1.9604.
Recommendation: (Medium-term) - Good to sell rallies around 1.930, SL: 1.960, TP: 1.90/1.8830
