15 Oct 2013
GBP/AUD now oversold and approaching critical support at 1.6746 ahead of data
FXstreet.com (Barcelona) - The GBP/AUD cross has reflected the recent pullback in British Pound futures which bulls hope is a mere correction following the previous powerful up move.
GBP/AUD traders gets market moving data to absorb Tuesday
With the GBP/AUD approaching oversold levels on multiple metrics and nearing technical support (see below), GBP/AUD traders will get meeting minutes from the Reserve Bank of Australia’s monthly monetary policy meeting as well as British inflation data and retail prices.
Technical outlook for GBP/AUD
Technicians say the critical support to watch for GBP/AUD is 1.6746. A hold of support there would lead to a rally with upside targets of 1.7483 at a minimum. Support below 1.6746 comes in at 1.6516.
GBP/AUD traders gets market moving data to absorb Tuesday
With the GBP/AUD approaching oversold levels on multiple metrics and nearing technical support (see below), GBP/AUD traders will get meeting minutes from the Reserve Bank of Australia’s monthly monetary policy meeting as well as British inflation data and retail prices.
Technical outlook for GBP/AUD
Technicians say the critical support to watch for GBP/AUD is 1.6746. A hold of support there would lead to a rally with upside targets of 1.7483 at a minimum. Support below 1.6746 comes in at 1.6516.