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22 Oct 2013
GBP/AUD retreating; will it hold on to 1.67?
FXstreet.com (Chicago) - GBP/AUD continues losing against a stronger Aussie backed up with stronger economic results in the country ahead of the BoE interest rate decision due tomorrow.
No Australian data is expected today but the Aussie’s strengthening across the board sends the pair to 3-month lows and subdues the pound, weak throughout Monday. In the UK, the BoE vote is expected this Wednesday.
GBP/AUD Technical Levels
Price action reveals the pair prints lower highs yet higher lows on potential ascending triangle formation or parallel movement continuation around the 1.6710 zone. On the downside, supports are aligned a 1.67 followed by 1.6664 and 1.6580 (July 25th lows). On the upside resistances are aligned at 1.6775 (July 23rd highs), 1.68 (October 18th highs) and 1.6869 (September 19th highs). Confirming a double tops pattern after breaking neckline last Friday, the pair continues navigating the 3-month depths.
No Australian data is expected today but the Aussie’s strengthening across the board sends the pair to 3-month lows and subdues the pound, weak throughout Monday. In the UK, the BoE vote is expected this Wednesday.
GBP/AUD Technical Levels
Price action reveals the pair prints lower highs yet higher lows on potential ascending triangle formation or parallel movement continuation around the 1.6710 zone. On the downside, supports are aligned a 1.67 followed by 1.6664 and 1.6580 (July 25th lows). On the upside resistances are aligned at 1.6775 (July 23rd highs), 1.68 (October 18th highs) and 1.6869 (September 19th highs). Confirming a double tops pattern after breaking neckline last Friday, the pair continues navigating the 3-month depths.