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FxWirePro: GBP/ AUD downside pressure builds, key support level in focus

Thursday, September 7, 2023 7:13 PM UTC

• GBP/ AUD declined on Thursday as less-hawkish comments from BoE weighed on sterling.

• Bank of England Governor Andrew Bailey signalled upcoming end to interest rate hikes, but warned of possible continued rise in borrowing costs due to persistent inflation.

• GBP/ AUD probed support zone and recovered towards, Break lower risks run towards.

• Technical signals show the pair could lose more ground in the short-term as RSI has tuned lower ,daily momentum studies 5, 9 and 11 DMAs are trending down.

• Immediate resistance is located at 1.9576(5DMA), any close above will push the pair towards 1.9644(38.2%fib).

• Immediate support is seen at 1.9494 (50%fib) and break below could take the pair towards 1.9410(Lower BB).

Recommendation: Good to sell around 1.9570, with stop loss of 1.9680 and target price of 1.9490

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FxWirePro: GBP/ AUD downside pressure builds, key support level in focus

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