FxWirepro: Cable Heads Towards Major Resistances, Consolidation Looks Healthy, Flurry of Bearish Candles Threaten – Trading & Hedging Setup
FxWirePro:GBP/AUD rebounds but bears are not done yet
• GBP/AUD recovered some ground on Wednesday after UK manufacturing survey data pointed to a small increase in output.
• The Purchasing Managers Index survey for June came in at 50.1, in line with the forecast and up from 40.7 in May.
• Bullish momentum is increasing but 14-day moving average points negative momentum.
• GBP/AUD remains vulnerable, only a close back above 1.8237 (30 DMA), could upset the bearish order.
• Immediate resistance is located at 1.8048 (23.6% fib ), any close above will push the pair towards 1.8079 (14 DMA).
• Strong support is seen at 1.7906 (Daily low) and break below could take the pair towards 1.7833 (Lower BB).
Recommendation: Good to sell around 1.8000, with stop loss of 1.8100 and target price of 1.7900