Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD loses momentum but outlook is still bearish

• GBP/AUD paused its decline  on Wednesday as traders awaited  interest rate decision from Bank of England on Thursday .

• Selling pressure will remain in the short-term, only a move above 1.8872 ( 23.6 % fib) strong resistance  would indicate the weakness in the pair has run out.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 49.

• Immediate resistance is located at 1.8741( 11DMA), any close above will push the pair towards 1.8872 ( 23.6 % fib).

• Strong support is seen at 1.8602 (38.2% fib ) and break below could take the pair towards 1.8528 (Apr 12th low).

Recommendation: Good to sell around 1.8630, with stop loss of 1.8700 and target price of 1.8520

  • Market Data
Close

Welcome to EconoTimes

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