1 Aug 2013
GBP/AUD capped below fresh almost 3-year highs 1.7050
FXstreet.com (Barcelona) - The GBP/AUD foreign exchange cross rate is last quoted at 1.6960, up a +17.7% in last 4 months, off recent session and fresh almost 3-year highs at 1.7040 printed on the back of massive Aussie weakness despite Pound weakness itself.
GBP/AUD pointing to the 1.71 handle
According to IFR Markets analyst Richard Sexton Tuesday's breakout to new highs is “likely to continue,” with next long term 23.6% Fib level at 1.71 as “next key resistance,” Sexton said. Sexton suggests going long with a stop loss below Tuesday's low at 1.6645. The cross has turned from a multi year low below 1.45 back in early April to around fresh 3-year highs mostly on the back of Aussie weakness alone.
GBP/AUD key technical levels
Immediate resistance to the upside for GBP/AUD shows at recent session and almost 3-year highs at 1.7040, followed by August 2010 lows at 1.7153, and January 2010 lows at 1.7249. To the downside, closest support lies at current levels as Tuesday's highs 1.6938, followed by July 25 highs at 1.6820, and yesterday's lows at 1.6784.
GBP/AUD pointing to the 1.71 handle
According to IFR Markets analyst Richard Sexton Tuesday's breakout to new highs is “likely to continue,” with next long term 23.6% Fib level at 1.71 as “next key resistance,” Sexton said. Sexton suggests going long with a stop loss below Tuesday's low at 1.6645. The cross has turned from a multi year low below 1.45 back in early April to around fresh 3-year highs mostly on the back of Aussie weakness alone.
GBP/AUD key technical levels
Immediate resistance to the upside for GBP/AUD shows at recent session and almost 3-year highs at 1.7040, followed by August 2010 lows at 1.7153, and January 2010 lows at 1.7249. To the downside, closest support lies at current levels as Tuesday's highs 1.6938, followed by July 25 highs at 1.6820, and yesterday's lows at 1.6784.