Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

Google Add as a preferred source on Google

FxWirePro: GBP/AUD erases earlier gains ,Outlook bearish

• GBP/AUD initially gained but reversed most of the gains as an in-line inflation report did little to alter interest rate expectations.

• British inflation rose to ⁠2.9% in July from a 15-month low of 2.6% in June, according to ​the Office for National Statistics, though the rise was in line with economists' ​forecasts in a Reuters poll.

• The data, released a day after weak labour market figures, reinforced expectations that the Bank of England will leave interest rates unchanged in September.

• Meanwhile, the sell-off in global bonds eased after the U.S. Treasury announced it would double certain liquidity support operations.

• Immediate resistance is located at 1.9096(SMA20), any close above will push the pair towards 1.9207(Higher BB).

• Immediate support is seen at 1.9006(50%fib) and break below could take the pair towards 1.8969(Lower BB).

Recommendation: Good to sell around 1.9120, with stop loss of 1.9200 and target price of 1.9060

  • Market Data
Close

Welcome to EconoTimes

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