- GBP/AUD hit multi-week highs at 1.7167, levels unseen since June 8th 2017.
- The pair has slipped lower to slip below 1.71 handle, currently hovers around 1.7027 levels.
- Oscillators are in highly overbought zone which calls for caution. But we do not see major signs of reversal.
- Investors remains cautious ahead of the UK PM Theresa May's Brexit speech.
- May’s remarks might turn out be the next big catalyst, driving the Sterling in the near-term.
- GBP/AUD is showing weakness on intraday charts, finds strong support by 5-DMA at 1.6952. Break below could see drag till 200-DMA at 1.6660.
- Immediate resistance lies at 0.7083 (61.8% Fib retrace of 1.7650 to 1.6162 fall) ahead of 1.7123 (July 7 high).
Support levels - 1.6952 (5-DMA), 1.69, 1.6790 (Sept 21 low), 1.6660 (200-DMA)
Resistance levels - 0.7082 (61.8% Fib retrace of 1.7650 to 1.6162 fall), 1.7110 (Apr 19th high), 1.7123 (July 7 high)
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 49.7985 (Neutral), while Hourly AUD Spot Index was at -89.2413 (Bearish) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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