Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/AUD rises on UK CPI data ,good to by on dips

• GBP/ AUD strengthened   on Wednesday after data showed British consumer price inflation fell to a three-month low of 10.5% in December .

• British inflation eased last month, offering some comfort to the Bank of England, but food and drink prices rose at the fastest pace since 1977.

• The pair currently is approaching resistance at 23.6%fib. A break above   will unmask 1.7800 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 51,while moving averages and MACD are trending higher.

• Immediate resistance is located at 1.7808(23.6%fib), any close above will push the pair towards 1.7914 (29th Dec high).

• Immediate support is seen at 1.7630 (38.2%fib) and break below could take the pair towards 1.7524 (50%fib).

Recommendation: Good to buy around 1.7720, with stop loss of 1.7650 and target price of 1.7800

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.