FxWirePro: GBP/AUD outlook weaker on renewed downside pressure

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FxWirePro: GBP/AUD outlook weaker on renewed downside pressure

Monday, August 8, 2022 9:24 PM UTC

• GBP/AUD declined on Monday as upbeat economic data from China and higher commodities prices boosted Australian dollar across the board.

• Oil prices rebounded from a six-month low it hit on Friday as positive economic data from China and the United States fed hopes for demand.
.
• Selling pressure will remain in the short-term, only a move above 1.7490( 38.2% fib) strong resistance will shift bias higher.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 39.

Immediate resistance is located at 1.7381 ( 14DMA), any close above will push the pair towards 1.7499 ( 38.2% fib).

• Strong support is seen at 1.7279(23.6% fib ) and break below could take the pair towards 1.7227 (Lower BB).

Recommendation: Good to sell around 1.7310 with stop loss of 1.7410 and target price of 1.7220

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