GBP/AUD chart on Trading View used for analysis
- GBP/AUD trades in a narrow range, Doji formation seen on daily charts.
- Sterling remains at the mercy of Brexit-focused headlines, uncertainty to keep gains limited.
- Following a blowout defeat in the House of Commons earlier this week, Theresa May succeeded in surviving yet another no-confidence vote.
- However, Sterling showed little change post the confidence vote.
- The pair trades with a positive technical stance, has broken past 200-DMA resistance.
- Breakout at 100-DMA will see further upside in the pair. Next bull target lies at 61.8% Fib at 1.8147 ahead of trendline resistance at 1.82.
Support levels - 1.7890 (200-DMA), 1.7851 (21-EMA), 1.7789 (38.2% Fib)
Resistance levels - 1.7966 (100-DMA), 1.8147(61.8% Fib), 1.82
Recommendation: Stay long on break above 100-DMA at 1.7961, SL: 1.7830, TP: 1.8145/ 1.82
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
