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15 Aug 2013
GBP/AUD below 1.70 testing June highs as support now
FXstreet.com (Barcelona) - The GBP/AUD foreign exchange cross rate is last trading near session lows at 1.6929 following recent Aussie strength, triggered on hopes new stimulus from PBoC are coming soon and broad USD weakness.
GBP/AUD consolidating previous mid term highs
The cross is currently retracing from Tuesday's weekly highs at 1.7057, still up +0.46% for the week so far, trading above previous 2013 highs printed in June, with 50 DMA showing a clear ascending slope last around the 1.66 handle. Pound is the strongest major currency in last 2 trading days, while Aussie is right behind it. Later on UK retail sales at 08:30 GMT is next big risk event for all GBP crosses.
GBP/AUD key technical levels
Immediate support to the downside for GBP/AUD lies at current levels as mentioned July 03 high 1.6920, followed by June 21 highs at 1.6882, and Monday's NY session lows at 1.6833. To the upside, closest resistance shows at yesterday's highs 1.6934, followed by recent session highs at 1.7004, and mentioned Tuesday's weekly highs at 1.7057.
GBP/AUD consolidating previous mid term highs
The cross is currently retracing from Tuesday's weekly highs at 1.7057, still up +0.46% for the week so far, trading above previous 2013 highs printed in June, with 50 DMA showing a clear ascending slope last around the 1.66 handle. Pound is the strongest major currency in last 2 trading days, while Aussie is right behind it. Later on UK retail sales at 08:30 GMT is next big risk event for all GBP crosses.
GBP/AUD key technical levels
Immediate support to the downside for GBP/AUD lies at current levels as mentioned July 03 high 1.6920, followed by June 21 highs at 1.6882, and Monday's NY session lows at 1.6833. To the upside, closest resistance shows at yesterday's highs 1.6934, followed by recent session highs at 1.7004, and mentioned Tuesday's weekly highs at 1.7057.