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FxWirePro: GBP/AUD tapped in a range, support at 1.9141 holds firm

Thursday, October 19, 2023 10:38 PM UTC

• GBP/AUD initially gained on Thursday but rally fizzled as traders stayed risk-averse and continued to digest data from Tuesday showing UK inflation unexpectedly held at 6.7% in September.

• Traders digested Monday's wage data and Tuesday's inflation numbers. Signs of a softer labour market boosted the chance the Bank of England will leave rates unchanged at its next meeting.

• Technical are bullish, daily RSI is falt, daily momentum studies 9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.9313(23.6%fib), any close above will push the pair towards 1.9364 (50DMA).

• Strong support is seen at 1.9141(38.2% fib) and break below could take the pair towards 1.9084(18th Oct low).

Recommendation: Good to but on around 1.9170, with stop loss of 1.9060 and target price of 1.9250

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FxWirePro: GBP/AUD tapped in a range, support at 1.9141 holds firm

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