Technicals

Add as a preferred source on Google

FxWirePro: GBP/AUD gives up early gains after UK GDP shock

• GBP/AUD early gains fizzled out on Friday after data showed U.K. economy contracted for the second straight month. • Data from the Office for National Statistics showed that UK gross domestic product unexpectedly fell …

1 min read
FxWirePro: GBP/AUD gives up early gains after UK GDP shock
Image from the original EconoTimes article

Read the original article

• GBP/AUD early gains fizzled out   on Friday  after data showed U.K. economy contracted for the second straight month.

• Data from the Office for National Statistics showed that UK gross domestic product unexpectedly fell by 0.1% month-on-month in October .

• On a year-on-year basis, GDP increased by 1.1% in October, but the reading fell short of the 1.4% forecast

• The weak data emphasized the economic headwinds Reeves faced in the run-up to her tax-raising budget, announced on November 26 after a period of speculation that rattled markets, consumers, and firms.

• Immediate resistance is located at 2.0187(SMA20), any close above will push the pair towards 2.0217(50%fib).

• Immediate support is seen at 1.9992 (23.6%fib) and break below could take the pair towards 1.9962 (Lower BB).

Recommendation: Good to sell around 2.0100 with stop loss of 2.0170  and target price of 2.0030

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