FxWirePro: GBP/AUD struggles to extend bullish gap open, recovery capped at 21-EMA

GBP/AUD chart on Trading View used for analysis

• GBP/AUD is struggling to extend bullish gap open.
   
• The pair trades at 1.8067 at 1045 GMT, down from session highs at 1.8088.
   
• British Pound trades with a cautious tone amid increasing uncertainty surrounding the Brexit negotiations. 
   
• Several Labour MPs are expected to resign from the party today and focus remains on the key vote in the UK Parliament due on February 27.
   
• On the data side, monthly labour market report is due tomorrow seconded by the CBI Industrial Trends Orders on Wednesday.
   
• Technical studies are inconclusive. The pair is trading in a rising channel, beach at channel base will accentuate weakness.
   
• Immediate resistance is seen at 21-EMA at 1.8092. Decisive break above will see further upside.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.