FxWirePro:GBP/AUD consolidating around 1.6700 ,bias is bullish

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FxWirePro:GBP/AUD consolidating around 1.6700 ,bias is bullish

Wednesday, September 28, 2022 6:58 PM UTC

• GBP/AUD initially dipped on Wednesday but the pair staged a partial comeback on as the BoE said it would step in to the bond market to stem a damaging rise in borrowing costs.

• The BoE said it would temporarily buy long-dated bonds - linked most closely to workers' pensions and home loans - in light of a surge in UK bond yields

• GBP/AUD , which hit daily low on Wednesday , was last up about 0.06% percent at 1.6700 in volatile trading.

• A daily close above the 38.2%fib will further improve the technical outlook, and open the possibility of a rally towards 1.6850 level.

• Immediate resistance is located at 1.6716 (38.2%fib ), any close above will push the pair towards 1.6827 (9DMA).

• Strong support is seen at 1.6565(50%fib) and break below could take the pair towards 1.6479 (Daily low).

Recommendation: Good to buy on around 1.6670, with stop loss of 1.6570 and target price of 1.6830

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