GBPAUD is quiet during the Asian session with no volatility. The cross manages to keep yesterday ’s low and is not trading at 1.7335. Intraday pivotal finds at 1.7280 (today’s lo so far) coincide with early Aug low.
The cross again would be in pressure if the price could not hold 1.7280. In this case, 1.7200 Dec 03 low which coincides with earlier swing high posted in Jan 2017.
For three weeks (including this week) the cross has been consolidating in a narrow range between 1.7280-1.7750 and manage to find the foot above 100MA (Weekly).
In the near term, we focus on the support zone 1.7280-1.7200. Turning to the daily indicators, the RSI has been propelling North whereas the oscillator turned back to bearish again.
The cross hasn’t seen a weekly close below 100MA (Weekly) since mid-Jan 2018. Keeping the support zone in mind, we expect as long as 1.7200 is support look for 1.7475 and 1.7550, but the chances are remote/very low at the time of preparing this.
Also Read GBPUSD forecast
The flip side, downside risks heighten below 1.7200 for sub 1.7000/1.6900 its 50.0% fib reaction.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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