FxWirePro: GBP/AUD eases despite better-than-expected UK GDP growth data 
FxWirePro: EUR/ AUD eases slightly, focus on near term support 
AUDJPY Bullish Dip-Buy Setup: All EMAs Align for Run to 115 
FxWirePro: USD/CNY hovers near a 3-1/2-year low, outlook bearish 
NZDJPY Bullish Setup: 800-EMA Support Fuels Buy Signal Above 93.60 
Gold Shines on Oil Relief: Buy Dips at $4160, Targeting $4305 as Bullish EMAs Dominate 
FxWirePro: GBP/NZD sell bias remains below key resistance zone 
FxWirePro- Major Pair levels and bias summary 
GBP/JPY Surge: Broad Sterling Buying Eyes 217.00 Target 
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Pound faced severe backlash just a little more than week back, when Bank of England (BOE) pushed back inflation and rate hike expectations in its monetary policy statement, quarterly inflation bulletin and minutes, pushing pound down more than 350 points against Dollar.
However, Pound has since then pushed back against Dollar and other currencies. While expectation for rate hike got pushed back, it is nevertheless vital to recognize that Bank of England (BOE) is closest to FED in hawkish bias and there is serious possibility of a rate hike if inflation crawl back in UK economy.
Last week pound has been struggling to break 1.527 resistance area against Dollar and there are possibilities of a downfall if it fails to clear it. Even then the pair might move up against INR as we expect to be Rupee to much weaker in the event of a risk aversion and UK economy has more to gain from further easing from ECB than India or Rupee.
Short term upside looks attractive.
Trade idea
- Buy Pound at current rate (100.7) with stop loss around 100.2 and 99.8 targeting 102.5 area.
