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7 Oct 2013
GBP/AUD bouncing from 1.6977 session lows
FXstreet.com (Chicago) - GBP/AUD continues giving in pips on Aussie’s strengthening after better than expected results. On an attempt to recover losses, the pound strengthens against the Aussie but remains capped below the 1.70 zone.
Bears are still up
Ahead of the BoE interest rate decision later this week and after better than expected Australian results, the pound slacks against a stronger Aussie across the board. With markets now closed on national holiday, bears outweigh bulls.
GBP/AUD Technical Levels
Price action reveals lower highs and lows despite attempts to recover losses. Falling to 1.6977, the pair trades right on lows. Extending the downward trendline since last September 30th, the pair is offered at 1.6982 and oscillates between supports aligned at 1.6977 (session lows), 1.6951 (September 11th lows) ahead of 1.69 (September 19th lows) and the resistances set at 1.70 (September 24th lows), 1.7050 (September 24th highs) followed by 1.80 (September 25th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe and remains below the EMA20.
Bears are still up
Ahead of the BoE interest rate decision later this week and after better than expected Australian results, the pound slacks against a stronger Aussie across the board. With markets now closed on national holiday, bears outweigh bulls.
GBP/AUD Technical Levels
Price action reveals lower highs and lows despite attempts to recover losses. Falling to 1.6977, the pair trades right on lows. Extending the downward trendline since last September 30th, the pair is offered at 1.6982 and oscillates between supports aligned at 1.6977 (session lows), 1.6951 (September 11th lows) ahead of 1.69 (September 19th lows) and the resistances set at 1.70 (September 24th lows), 1.7050 (September 24th highs) followed by 1.80 (September 25th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe and remains below the EMA20.