FxWirePro: gbpaud short-term outlook
Source: FxWire Pro - Technicals / 19 Nov 2019 09:11:50 Europe/London
Major resistance- 1.90950
GBPAUD is trading higher for 2nd consecutive week and jumped more than 450 pips on the strong Pound sterling. The pound sterling was trading higher against all majors on Brexit optimism. It hits a high of 1.90805 and is currently trading around 1.90466.
Cable continues to move upside for past 1-week and hits high of 1.29854. Any break above 1.3020 confirms further bullishness, a jump till 1.3100/1.3200 likely.
The pair is facing strong resistance at 1.9095 high made on Oct 16th, 2019, any indicative break above confirms that decline from 1.23722 got completed at 1.57855. A jump till 1.98475/2.000 level possible.
On the flipside, near term support is around 1.8955 (23.6% fib) and any indicative break below will drag the pair down till 1.8830/1.8820/1.8750.
It is good to buy on dips around 1.89500 with SL around 1.8800 for the TP of 1.9095/1.9800.© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.