Today we will take a look at the GBP / AUD currency pair. The first sell signal was received at the breakdown of support level 1.9060. At the time of writing this review, another signal was forming to break through the technical support area 1.8950–1.8975.
I’ll draw your attention to the overall strengthening of the AUD against most currencies and a moderate weakening of the GBP.
Trading outlook:
The main scenario.
A break of the support level 1.8950–1.8975 may trigger another round of selling which is the bearish scenario, taking into account a decline to 1.8770 and further to 1.8660.
Alternative scenario.
The return of the pair above 1.9060 will indicate buying interest and the possibility the price will move towards 1.9270 and further on to 1.9500.
I’ll also draw your attention to the upcoming GDP figures from Britain, which are due for release on Wednesday, May 13. The forecasts are pessimistic which may cause a weakening of the pair at the time of release.
The above review is not a direct guide to action, but carries an exclusively recommendatory nature.