FxWirePro: GBP/AUD rallies above 1.7150 after BoE acts to calm UK markets, good to buy on dips

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FxWirePro: GBP/AUD rallies above 1.7150 after BoE acts to calm UK markets, good to buy on dips

Friday, September 30, 2022 12:18 AM UTC

• GBP/AUD strengthened on Thursday after the Bank of England conducted a second day of bond buying to stabilize financial markets.

• The BoE bought 1.415 billion pounds ($1.55 billion) of British government bonds with maturities of more than 20 years, to stabilize the market.

• The pair currently is approaching resistance at 1.7732( 38.2%fib). A break above 1.7732 would unmask 1.7850 level in the short term.

• Technical signals are bullish as RSI is at 58, daily momentum studies 5, 9 and 11 DMAs are trending north.

• Immediate resistance is located at 1.7207 (38.2%fib ), any close above will push the pair towards 1.7310(Higher BB).

• Strong support is seen at 1.6950(38.2%fib) and break below could take the pair towards 1.6838 (5DMA).

Recommendation: Good to buy on dips around 1.7150, with stop loss of 1.7090 and target price of 1.7220.

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