FxWirePro: GBP/AUD neutral in the near-term, scope for downward resumption
• GBP/AUD edged higher on Monday but gains were limited as traders awaiting UK jobs and inflation data due later this week for clues on Bank of England monetary policy cues. • UK jobs/earnings data is due Tuesday and UK …
• GBP/AUD edged higher on Monday but gains were limited as traders awaiting UK jobs and inflation data due later this week for clues on Bank of England monetary policy cues.
• UK jobs/earnings data is due Tuesday and UK December inflation data is due on Wednesday.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 36 bearish, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7580(9DMA), any close above will push the pair towards 1.7721 (38.2%fib).
• Strong support is seen at 1.7480(50%fib) and break below could take the pair towards 1.7389 (Lower BB ).
Recommendation: Good to sell around 1.7550 with stop loss of 1.7650 and target price of 1.7460
