Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD unlikely to invite any further strength, good to sell on rally

• GBP/AUD recovered some ground on Friday as  absence macroeconomic catalysts helped the pair recover some ground. 

• Next week will be pivotal as investors closely watch the CPI data from the United States and the UK, along with Britain's second-quarter gross domestic product (GDP) figures.

•  A daily close above 1.9318 (50% fibonacci retracement) would reinforce the bearish outlook and potentially set the stage for a bigger drop toward the 1.9300 level. 

•  Immediate resistance is located at 1.9460 (38.2%fib ), any close above will push the pair towards 1.9622(23.6%fib).

• Strong support is seen at 1.9318 (50%fib) and break below could take the pair towards 1.9188(50% fib).

Recommendation: Good to sell around 1.9460, with stop loss of 1.9580 and target price of 1.9350.

  • Market Data
Close

Welcome to EconoTimes

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