Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD gains upside momentum after Bank of England hikes interest rates by 50 basis points

• GBP /AUD strengthened  on Thursday  following the Bank of England's raised interest rates by 50 basis points.

• The Bank of England   surprised markets with a 50 basis-point rate hike.

• The pair hit daily high at 1.8900 and was last trading at 1.8867 at (GMT 16:26).

• The pairs rise above the 38.2%fib  resistance has reinforced the growing bullish strength, putting focus on resistance at 1.8950.

• Immediate resistance is located at 1.8921 (23.6% fib), any close above will push the pair towards 1.9875 (May 25th high).

• Immediate support is seen at 1.8759 (38.2%fib) and break below could take the pair towards 1.8679(14DMA).

Recommendation: Good to buy on dips around 1.8860, with stop loss of 1.8790 and target price of 1.8950.
 

  • Market Data
Close

Welcome to EconoTimes

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