30 Jul 2013
GBP/AUD testing 1.67 supply on Aussie weakness
FXstreet.com (Barcelona) - The GBP/AUD foreign exchange cross rate is last trading at fresh session highs 1.6697, moving higher on the back of Aussie weakness, but still unable to overcome recent NY session and weekly highs at 1.6703.
GBP/AUD choppy consolidation ahead
According to IFR Markets analyst Andrew Spencer, the technical set up in GBP/AUD suggests “further choppy consolidation,” with momentum studies in conflict, and moving averages being neutral. The cross is up +6.87% year to date, and +11.55% in last 3 months due to massive Aussie weakness in that time period, bouncing from record multi-year lows around the 1.4440 printed back in early March this year.
GBP/AUD key technical levels
Immediate resistance to the upside for GBP/AUD shows at mentioned NY session weekly highs 1.6703, followed by July 24 highs at 1.6782, and Thursday's fresh 3-week highs at 1.6818. To the downside, closest support lies at June 11 highs 1.6680, followed by July 18 highs at 1.6639, and June 18 highs at 1.6589.
GBP/AUD choppy consolidation ahead
According to IFR Markets analyst Andrew Spencer, the technical set up in GBP/AUD suggests “further choppy consolidation,” with momentum studies in conflict, and moving averages being neutral. The cross is up +6.87% year to date, and +11.55% in last 3 months due to massive Aussie weakness in that time period, bouncing from record multi-year lows around the 1.4440 printed back in early March this year.
GBP/AUD key technical levels
Immediate resistance to the upside for GBP/AUD shows at mentioned NY session weekly highs 1.6703, followed by July 24 highs at 1.6782, and Thursday's fresh 3-week highs at 1.6818. To the downside, closest support lies at June 11 highs 1.6680, followed by July 18 highs at 1.6639, and June 18 highs at 1.6589.