Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

GBP/AUD slides amid BoE rate cut uncertainty,vulnerable to more downside

• GBP/AUD went on the back foot on Friday as the bears dashed the hopes of the bulls amid UK rate cut uncertainty.

• BoE   policymakers anticipate a significant drop in inflation over the coming months but are holding off on specifying a clear timeline for potential interest rate reductions.

• GBP/AUD neared 38.2 % fib  supportin late in US session,Daily  close below 38.2%fib  increase the scope for much bigger drop.

• Technical are bearish, daily RSI is negative at 41, daily momentum studies  9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.9242 (23.6% fib), any close above will push the pair towards 1.9301 (23.6% fib).
 
• Strong support is seen at 1.9089 (38.2 % fib) and break below could take the pair towards 1.9035 (Lower BB).

Recommendation: Good to sell on  around 1.9140, with stop loss of 1.9250and target price of 1.9070

  • Market Data
Close

Welcome to EconoTimes

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