FxWirePro: GBP/AUD trades weak, good to sell on rallies
GBP/AUD has formed a double top around 1.7650 and started to decline from the high. The pair broken the major support of 100 – H EMA at 1.7515 and hits the low of 1.7445 slightly below trend line support. It is currently…
GBP/AUD has formed a double top around 1.7650 and started to decline from the high. The pair broken the major support of 100 – H EMA at 1.7515 and hits the low of 1.7445 slightly below trend line support. It is currently trading around 1.74530.
GBP trading weak against all major pairs yesterday after BOE leaves interest rates unchanged and trims growth outlook.
In the hourly chart the pair is trading well below short and long term MA and near term major support is around 200 H MA at 1.7435. Any close below will drag the pair further down till 1.73490 (50% retracement of 1.70669 and 1.7650)/1.7300.
On the higher side, minor resistance is around 1.7515 and any break above will take the pair till 1.7560 (61.8% retracement of 1.76337 and 1.74330)/1.7600. Bullish continuation can be seen only above 1.76500.
It is good to sell on rallies around 1.75000 with SL around 1.7560 for the TP of 1.74350/1.7380.
