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GBP/USD biggest move since Black Monday 2015

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/AUD is lost a huge and significant amount of ground on the Brexit fears mounting and media hype after the Boris Johnson news.

    The market opened with a bearish gap overnight of over 2 big figures on concerns over a Brexit, but over the course of the session and Europe coming online, the downside in Sterling opened up wide with big supply. We are down from 2.0143 Friday's highs to 1.9500 the low today. That is the largest single day move since Black Monday in August 2015. Further ahead, we will trun to the capex later in the wee as a key indicator and something that the RBA will take into consideration at the subsequent meetings this year.

    GBP/AUD levels


    GBP/AUD has taken out all sense of support on this move right into the resistance of the March-May channel in 2015. The cross is in oversold territory on the shortterm sticks and testing the 100 dma at 1.9497 while RS (14) is still at 41.
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