FxWirePro: GBP/AUD gains some upside momentum but still bearish

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FxWirePro: GBP/AUD gains some upside momentum but still bearish

Tuesday, August 16, 2022 8:20 PM UTC

• GBP/AUD recovered ground on Tuesday as weak China economic data ignited global recession fears weighing on Australian dollar .

• The rallies above the 5DMA stops short of key 1.7280(38.2% fib) resistance zone though.

• GBP/AUD remains vulnerable, only a break and daily close above 38.6% fib at 1.9449 will shift bias to the upside.

• Techicals are mixed, daily RSI rises, monthly RSI rising , daily momentum studies 11, 14 and 21 DMAs are trending down.

• Immediate resistance is located at 1.7280(38.2% fib), any close above will push the pair towards 1.7324(21DMA).

• Strong support is seen at 1.7177 (5DMA) and break below could take the pair towards 1.7006 (23.6% fib).

Recommendation: Good to sell on around 1.7220, with stop loss of 1.7340 and target price of 1.7100

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