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FxWirePro: GBP/AUD tests 78.6% Fib at 1.7592, break below to see further weakness

GBP/AUD chart on Trading View used for analysis 

  • GBP/AUD trades 1.63% lower on the day, tests 78.6% Fib at 1.7592, bias lower.
     
  • Sharp sell off hitting the Sterling triggered by resignations in May’s Cabinet.
     
  • Some members of PM May’s Cabinet resigned amidst a generalized opinion against the recently announced draft deal.
     
  • UK Retail Sales came in below expectations for the month of October, further denting the pound.
     
  • Data released earlier today showed UK retail sales contracted at a monthly 0.5% and expanding 2.2% YoY. Core sales dropped 0.4% m/m and rose at an annualized 2.7%.
     
  • On the otherside, stellar Australia jobs data supports Aussie, weighing further on the pair.
     
  • Momentum studies are bearish, pair is below cloud and major moving averages.
     
  • Break below 78.6% Fib to see further weakness. Scope for test of 1.7282 (Aug 9 lows). Bearish invalidation only above 200-DMA.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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