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22 May 2014
GBP/AUD a toppy play, risk/reward?
FXStreet (Guatemala) - GBP/AUD is trading at 1.8309, up 0.23% on the day, having posted a daily high at 1.8311 and low at 1.8262.
GBP/AUD has been on the rise this week and extended its rally on the 4bp rise in its 2yr swap rates after a significantly less dovish BoE minutes and very strong retail sales in European trade. The pair had dropped back slightly from the highs seen though 1.8320 and ducked back below the 1.83 handle, but is since making a claim back there in Asian trade. RBS strategists explained that the data from the UK suggests a rising trend in GBP should persist. “However, GBP has already risen significantly and risk/reward considerations make it difficult to say the uplift in GBP rates is not already in the FX price. Nevertheless, the prospect of a strong GDP report tonight is likely to keep GBP well supported”.
GBP/AUD Levels
Spot is presently trading at 1.8311, and next resistance can be seen at 1.8311 (Daily High), 1.8321 (Weekly Classic R3), 1.8331 (Daily Classic R1), 1.8334 (Yesterday's High) and 1.8393 (Daily Classic R2). Support below can be found at 1.8293 (Daily 100 SMA), 1.8278 (Hourly 20 EMA), 1.8271 (Daily Classic PP), 1.8267 (Daily Open) and 1.8262 (Daily Low).
GBP/AUD has been on the rise this week and extended its rally on the 4bp rise in its 2yr swap rates after a significantly less dovish BoE minutes and very strong retail sales in European trade. The pair had dropped back slightly from the highs seen though 1.8320 and ducked back below the 1.83 handle, but is since making a claim back there in Asian trade. RBS strategists explained that the data from the UK suggests a rising trend in GBP should persist. “However, GBP has already risen significantly and risk/reward considerations make it difficult to say the uplift in GBP rates is not already in the FX price. Nevertheless, the prospect of a strong GDP report tonight is likely to keep GBP well supported”.
GBP/AUD Levels
Spot is presently trading at 1.8311, and next resistance can be seen at 1.8311 (Daily High), 1.8321 (Weekly Classic R3), 1.8331 (Daily Classic R1), 1.8334 (Yesterday's High) and 1.8393 (Daily Classic R2). Support below can be found at 1.8293 (Daily 100 SMA), 1.8278 (Hourly 20 EMA), 1.8271 (Daily Classic PP), 1.8267 (Daily Open) and 1.8262 (Daily Low).