30 Aug 2013
GBP/AUD rejected below 1.74 on recent Aussie strength
FXstreet.com (Barcelona) - The GBP/AUD foreign exchange cross rate is last quoted near session lows at 1.7360, dragged lower on recent Aussie strength across the board, printing fresh session highs against USD at 0.8943.
GBP/AUD approaching oversold territory
“GBPAUD has had a stellar run since bottoming out around 1.4380 in March, largely due to massive AUD weakness but also helped by recent GBP strength, including a pound rally on the back of BoE Governor Carney’s maiden speech which was more neutral than some were expecting,” said Sydney based market strategist at FOREX.com Chris Tedder, adding: “GBPAUD bounced off trend line support, keeping the pair away from channel support and resulting in a bullish crossover in hourly MACD. However, the pair is approaching oversold territory on long-term timeframes, thus a break of aforementioned trend line support may see the pair to channel support.”
GBP/AUD key technical levels
Immediate support to the downside for GBP/AUD lies at August 20 highs 1.7338, followed by Monday's highs/yesterday's lows at 1.7296/87, and Monday's weekly lows at 1.7202. To the upside, closest resistance shows at last Friday's highs 1.7391, followed by recent session highs at 1.7425, and Wednesday's weekly highs at 1.7457.
GBP/AUD approaching oversold territory
“GBPAUD has had a stellar run since bottoming out around 1.4380 in March, largely due to massive AUD weakness but also helped by recent GBP strength, including a pound rally on the back of BoE Governor Carney’s maiden speech which was more neutral than some were expecting,” said Sydney based market strategist at FOREX.com Chris Tedder, adding: “GBPAUD bounced off trend line support, keeping the pair away from channel support and resulting in a bullish crossover in hourly MACD. However, the pair is approaching oversold territory on long-term timeframes, thus a break of aforementioned trend line support may see the pair to channel support.”
GBP/AUD key technical levels
Immediate support to the downside for GBP/AUD lies at August 20 highs 1.7338, followed by Monday's highs/yesterday's lows at 1.7296/87, and Monday's weekly lows at 1.7202. To the upside, closest resistance shows at last Friday's highs 1.7391, followed by recent session highs at 1.7425, and Wednesday's weekly highs at 1.7457.