FxWirePro:GBP/AUD uptrend falters, leaving 1.7603 as key support

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FxWirePro:GBP/AUD uptrend falters, leaving 1.7603 as key support

Wednesday, June 29, 2022 8:22 PM UTC

• GBP/AUD initially gained on Wednesday but trend reversed as pair was weighed on dovish comments from new BoE policy maker.

• Swati Dhingra, who will join the BoE in August, said the bank should move to tightening policy very gradually as there are signs an economic slowdown

• The pair hit daily high at 1.7723, but pulled back , it was last down 0.00% at 1.7618.

• The oair drops below the 5-DMA , slide halts at the 1.7603 (50%fib),break below will accelerate towards 1.7534 level.

• Immediate resistance is located at 1.7723 (Daily high ), any close above will push the pair towards 1.7760 (38.2%fib).

• Strong support is seen at 1.7603 (50%fib) and break below could take the pair towards 1.7531 (21DMA).

Recommendation: Good to sell around 1.7630 with stop loss of 1.7720 and target price of 1.7540

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