Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD recovers from initial decline, bias is bullish

• GBP/AUD consolidated around  1.9173 level on Wednesday  as sterling was supported by UK  PMI data and a firm stance from Bank of England policymakers.

• A survey of purchasing manufacturers on Tuesday showed business activity in Britain picked up at its fastest pace in nearly a year

• BoE chief economist Huw Pill on Tuesday expressed caution about the prospect of early rate cuts and the date of the first one probably remains  some way off , he said in a speech. 

• A rally towards is  1.9300 level is  possible if  GBP/AUD bulls overcome resistance at 1.9251 (38.2%fib ).

•  Immediate resistance is located at 1.9198 (38.2%fib ), any close above will push the pair towards 1.9267( 9SMA )

• Strong support is seen at 1.9084 (50%fib ) and break below could take the pair towards 1.8978 (61.8%fib  ).

Recommendation: Good to buy on dips around 1.9160 with stop loss of 1.9070 and target price of 1.9230
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.