Technicals

Add as a preferred source on Google

FxWirePro:GBP/AUD slips and closes under key fibo, expect a bigger drop

• GBP/AUD dipped on Tuesdays after data showed that Britain's jobless rate fell in the three months to February. • Britain’s jobless rate fell in the three months to February, slipping further below the level it was at b…

1 min read
FxWirePro:GBP/AUD slips and closes under key fibo, expect a bigger drop
Image from the original EconoTimes article

Read the original article

• GBP/AUD dipped on Tuesdays after data showed that Britain's jobless rate fell in the three months to February.

• Britain’s jobless rate fell in the three months to February, slipping further below the level it was at before the coronavirus pandemic, data showed.

• GBP/AUD put in a high at 1.7576 but failed to sustain those levels, slipping to a session low 1.7403 in US session.

• Technicals are favouring bearish sentiment as RSI is at 36 and the pair is trading below   11 & 21-DMAs.

• Immediate resistance is located at 1.7462 (38.2% fib), any close above will push the pair towards 1.7550 (21 DMA)

• Support is seen at 1.7380 (April 7th low ) and break below could take the pair towards 1.7205  (23.6%  fib).

Recommendation: Good to sell  around 1.7430, with stop loss of 1.7550 and target price of 1.7360.

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560