- GBP/AUD is trading 0.17% lower on the day, at around 1.7615 levels at the time of writing.
- The pair is extending weakness after facing rejection at stiff resistance at 20-DMA at 1.7741.
- Pound is extending weakness in response to weaker-than-expected releases last week.
- Technical indicators have turned bearish, we see scope for further weakness.
- RSI has slipped below 50 levels and is biased lower. Stochs have turned bearish.
- We see -ve DMI crossover on +ve DMI and bearish MACD line crossover on signal line.
- Next major support on the downside is seen at 50-DMA at 1.7576. 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 42.1721 (Neutral), while Hourly AUD Spot Index was at 64.6309 (Neutral) at 0800 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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