16 Oct 2013
GBP/AUD keeps falling; 1.6770 lost
FXstreet.com (Chicago) - GBP/AUD struggles to remain above the 1.6770 zone after dipping below it in several occasions extending the bearish channel on Aussie’s strengthening against a weaker pound.
Data recap
Ahead of job market data in the UK and after Australia released weaker than expected results, market participants favor the Aussie that strengthens across the board.
GBP/AUD Technical Levels
Supports aligned at 1.6713 (session lows), 1.6564 (July 29th lows), and 1.65 (July 24th lows) and the resistances set at 1.6864 (August 12th lows), 1.6838 (August 12th lows) ahead of 1.6817 (August 11th lows). Price action reveals the extension of the bearish channel since last September 30th forming a potential double tops pattern after earlier dip to 1.6748 lows. According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.
Data recap
Ahead of job market data in the UK and after Australia released weaker than expected results, market participants favor the Aussie that strengthens across the board.
GBP/AUD Technical Levels
Supports aligned at 1.6713 (session lows), 1.6564 (July 29th lows), and 1.65 (July 24th lows) and the resistances set at 1.6864 (August 12th lows), 1.6838 (August 12th lows) ahead of 1.6817 (August 11th lows). Price action reveals the extension of the bearish channel since last September 30th forming a potential double tops pattern after earlier dip to 1.6748 lows. According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.