- GBP/AUD slips below 20-DMA at 1.6861, price action has fallen below daily cloud, intraday bias lower.
- Price has retraced break below strong trendline support seen at 1.6780 levels.
- The pair finds support at weekly 20-SMA at 1.6823, close below will see further drag.
- Technical studies are bearish, we see scope for test of 200-DMA at 1.6660.
- Bearish invalidation seen on close above daily cloud base at 1.6916.
Support levels - 1.6780 (trendline), 1.6706 (June 27 low), 1.6660 (200-DMA)
Resistance levels - 1.6861 (20-DMA), 1.6918 (converged 5-DMA and cloud base), 1.6981 (July 11 high)
Recommendation: Good to go short on rallies around 1.6810/20, SL: 1.6880, TP: 1.6780/ 1.67/ 1.6660
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at -95.3944 (Bearish), while Hourly AUD Spot Index was at 98.0824 (Bullish) at 1115 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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