Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/AUD downside pressure builds, key support level in focus

• GBP/AUD continued its recent descent on Thursday   as Australian dollar was boosted by higher commodity prices.

• Oil prices climbed to their highest level in almost three months as increase was driven by the release of U.S. inflation data.

• The is pair heading towards the 50%  fib support, as near term direction of the pair is likely to be driven by current price action. 

• Immediate resistance is located at 1.9114 (14DMA), any close above will push the pair towards 1.9153(38.2%fib).

• Strong support is seen at 1.8991(50%fib)and break below could take the pair towards 1.8838(61.8%fib).

Recommendation: Good to sell on  around 1.9080, with stop loss of 1.9160, and target price of 1.9000.

  • Market Data
Close

Welcome to EconoTimes

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