Technicals

Add as a preferred source on Google

FxWirePro: GBP/AUD falls after Bank of England holds rates, scope for further downside

•GBP/AUD declined on Thursday after the BoE delivered a dovish hold to British rates. • The BoE's Monetary Policy Committee voted 7-2 to keep rates on hold, in line with economists' expectations . • BoE Governor Andrew B…

1 min read
FxWirePro: GBP/AUD falls after Bank of England holds rates, scope for further downside
Image from the original EconoTimes article

Read the original article

•GBP/AUD declined   on Thursday after the BoE delivered a dovish hold to British rates.

• The BoE's Monetary Policy Committee voted 7-2 to keep rates on hold, in line with economists' expectations .

• BoE Governor Andrew Bailey said in a statement alongside the decision that it was good news that the latest inflation data had shown inflation was back at its 2% target.

• Technical signals show the pair lose more ground in the short-term as RSI is at 42  bearish, daily momentum studies  5, 9 and 11 DMAs are trending  down.

• Immediate resistance is located at 1.9078(Daily high ), any close above will push the pair towards 1.9104 (38.2%fib).

• Strong support is seen at 1.9010 (23.6%fib) and break below could take the pair towards 1.8980  (Lower BB )

Recommendation: Good to sell  around 1.9030, with stop loss of 1.9150 and target price of 1.8950

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560