- The unexpected PBOC's decision to depreciate its currency has pushed GBP/CNY to 10-month high at 9.8763 levels. It currently trades at 9.8398 levels.
- 7 EMA and 20 DMA crossover suggests further positive move for the pair.
- It sees immediate resistance at 9.8614 (200 DMA) and a sustainable break above could see the pair rising to 9.8861 levels (June 18 high).
- On the flipside, support is eyed at 9.8069 (Jun 24 high) and a break below could drag it to 9.7263 (Jul 23 high).
Resistance Levels:
R1: 9.8614 (200 DMA)
R2: 9.8861 (June 18 high)
Support Levels:
S1: 9.8069 (Jun 24 high)
S2: 9.7263 (Jul 23 high)
