Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/AUD uptrend gains momentum, good to buy on

• GBP/ AUD rose on Monday  as focus shifted Bank of England to continue tightening policy to bring down inflation.

• BoE's Broadbent is due to speak on Tuesday at 0900 GMT.BoE'is expected to raise interest rates by 25 bps in May.

• Technical signals show the pair could gain more ground in the short-term as RSI is bullish at 63 at,while moving averages are trending higher.

• Immediate resistance is located at 1.8662( 23.6%fib), any close above will push the pair towards 1.8714 (Higher BB).

• Immediate support is seen at 1.8566 (5DMA) and break below could take the pair towards 1.8488 (38.2%fib).

Recommendation: Good to buy around 1.8620, with stop loss of 1.8520 and target price of 1.8680

  • Market Data
Close

Welcome to EconoTimes

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