Technicals

Add as a preferred source on Google

FxWirePro: GBP/AUD loses momentum but outlook is still bearish

• GBP/AUD paused its decline on Wednesday as traders awaited interest rate decision from Bank of England on Thursday . • Selling pressure will remain in the short-term, only a move above 1.8872 ( 23.6 % fib) strong resis…

1 min read
EconoTimes — Reading the Times. Understanding the Future.

Read the original article

• GBP/AUD paused its decline  on Wednesday as traders awaited  interest rate decision from Bank of England on Thursday .

• Selling pressure will remain in the short-term, only a move above 1.8872 ( 23.6 % fib) strong resistance  would indicate the weakness in the pair has run out.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 49.

• Immediate resistance is located at 1.8741( 11DMA), any close above will push the pair towards 1.8872 ( 23.6 % fib).

• Strong support is seen at 1.8602 (38.2% fib ) and break below could take the pair towards 1.8528 (Apr 12th low).

Recommendation: Good to sell around 1.8630, with stop loss of 1.8700 and target price of 1.8520

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