GBP/AUD flirts with key fib level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/AUD pair is hovering around 2.1154 (23.6% of Sep 2014-Aug 2015 rally) ahead of the UK data, which could show the pace of economic growth slowed slightly in Q3.

    AUD on comeback mode

    The Aussie is on a comeback mode against Sterling after the financial markets stabilized in late August and gained momentum on Friday after the People’s Bank of China (PBOC) announced an interest rate cut.

    The immediate focus is now on the UK third quarter GDP data. The pair ran into offers at the high of 2.1241 and now trades below its 100-DMA located at 2.1168.

    GBP/AUD Technical Levels

    A failure to sustain above 2.1154 (23.6% of Sep 2014-Aug 2015 rally) could push the pair lower to 2.1095 (Oct 23 low). A break below the same could open doors for a sell-off to 2.10 handle. On the other side, resistance is seen at 2.1168 (100-DMA) and 2.1233 (10-DMA).
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