Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/AUD consolidating around 1.8520, bias is bullish

• GBP/ AUD strengthened on Wednesday as sterling was supported by  lofty UK inflation data.

• Data on Wednesday showed consumer prices rose by an annual 10.1%,down from 10.4% in February but well above the 9.8% forecast by economists.

• A rally towards 1.8650 is   possible if  GBP/ AUD bulls overcome resistance at 23.6%fib.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 57,while moving averages and MACD are trending higher.

• Immediate resistance is located at 1.8567( 23.6%fib), any close above will push the pair towards 1.8673 (Higher BB).

• Immediate support is seen at 1.8484 (21DMA) and break below could take the pair towards 1.8400(38.2%fib).

Recommendation: Good to buy around 1.8510 with stop loss of 1.8450 and target price of 1.8590

  • Market Data
Close

Welcome to EconoTimes

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