FxWirePro: GBP/AUD bounces off 55-EMA support, focus on BoE and RBA meetings for clear direction

GBP/AUD chart on Trading View used for analysis

• GBP/AUD bounces-off 55-EMA support, we see weakness only on break below.
   
• Sterling dented slightly amid the stalemate situation over the Irish backstop coupled with disappointing UK construction PMI data.
   
• The final UK PMI came in at a 10-month low level of 50.6 in January, down from 52.8 recorded in December.
   
• Technical studies are supportive for further upside. Dips can be used to go long. Weakness only below 55-EMA.
   
• Focus now on BoE and RBA monetary policy meetings for clear direction.

Support levels - 1.8066 (21-EMA), 1.7957 (55-EMA), 1.7881 (200-DMA)

Resistance levels - 1.8097 (5-DMA), 1.8147 (61.8% Fib), 1.8284 (Jan 3 high)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.