GBP/AUD drops below 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Sterling continues to slide in early Europe, taking the GBP/AUD pair below its 100-DMA located at 2.1270 levels.

    Focus on UK data

    The immediate focus is now on the UK industrial production and Trade deficit data. The growth in the industrial production is seen falling in September, along with a minor squeeze in the Trade deficit. Later today, the NFP number in the US could affect market’s demand for the US dollars and influence the GBP/AUD cross as well.

    At the moment, the pair is trading around 2.1241. The AUSD/USD is witnessing moderate gains, while the GBP/USD has dropped below 1.52 handle.

    GBP/AUD Technical Levels

    The immediate support is seen at 2.1163 (23.6% of Aug high-Oct low), under which the pair could test 2.10 levels. On the higher side, resistance is seen at 2.1270 (100-DMA) and 2.1340 (trend line (Oct 13 low-Oct 27 low) resistance).
    For more information, read our latest forex news.

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