Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD gaining momentum for a move towards 2.0500 level

• GBP/ AUD strengthened on Monday   as sterling firmed  after European leaders agreed to draft a Ukraine peace plan for U.S. consideration and acknowledged the need to increase defense spending.

• Comments from Bank of England policymakers will be monitored midweek to gauge the appetite for further rate reductions.

• GBP/ AUD traded in  range2.0238-2.0449, the pair was last trading up 0.02 percent   at  2.0408.

• Technical signals show the pair could lose more ground in the short-term as RSI has turned higher.

• Immediate resistance is located at 2.0460 (23.6%fib), any close above will push the pair towards 2.0500(23.6%fib ).

• Immediate support is seen at 2.0289(50%fib) and break below could take the pair towards 1.9656 (61.8%fib).

Recommendation: Good to buy around 2.0380 with stop loss of 2.0250  and target price of 2.0500

  • Market Data
Close

Welcome to EconoTimes

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