FxWirePro: GBP/AUD dives lower on below forecast US CPI data, good to sell on rally

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FxWirePro: GBP/AUD dives lower on below forecast US CPI data, good to sell on rally

Wednesday, August 10, 2022 10:47 PM UTC

• GBP/AUD declined sharply on Wednesday as the pair attracted seller after below forecast US CPI readings.

•The U.S. Consumer Price Index (CPI) was unchanged last month after advancing 1.3% in June.

• The pair dropped to test 23.6% fib. A break under would unmask 1.7150 level .

• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 40.

•Immediate resistance is located at 1.7308(5DMA ) , any close above will push the pair towards 1.7445 (38.2% fib).

• Immediate support is seen at 1.7225 (23.6% fib ) and break below could take the pair towards 1.7176 (Lower BB ).

Recommendation: Good to around 1.7250, with stop loss of 1.7350 and target price of 1.7150

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