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FxWirePro : GBP/AUD trends higher, but faces potential pitfalls

Thursday, November 30, 2023 12:25 AM UTC

• GBP/AUD strengthened on Wednesday as extension of iron-ore decline added weight on Australian dollar.

• GBP/AUD gained up to 1.9200 level before retreating slightly to trade at 1.9174

• Technical signals indicate bullish movementum, as RSI is at 52, daily momentum studies 5, 9 and 11 DMAs are trending up.

• Immediate resistance is located at 1.9205 (38.2%fib), any close above will push the pair towards 1.9261(Oct 26th high).

• Strong support is seen at 1.9135 (11DMA) and break below could take the pair towards 1.9065 (50% fib )

Recommendation: Good to buy around 1.9160 , with stop loss of 1.9080 and target price of 1.9250

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FxWirePro : GBP/AUD trends higher, but faces potential pitfalls

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