- GBP/AUD is trading in a narrow range, capped below 20-DMA at 1.7743.
- Pound largely muted in response to weaker-than-expected releases earlier today.
- UK Manufacturing Production expanded at a monthly 0.1% and Industrial Production gained 1.3% inter-month.
- The trade deficit widened to £12.32 billion during the first month of the year, all readings coming in below initial estimates.
- Technical indicators are turning bearish, we see scope for further weakness.
- RSI has slipped below 50 levels and is biased lower. Stochs have turned bearish.
- Next major support on the downside is seen at 50-DMA at 1.7570. Breach there could see further downside.
- Breakout and close above 20-DMA could invalidate bearish bias.
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 1.08287 (Neutral), while Hourly AUD Spot Index was at 130.538 (Bullish) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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