12 Nov 2013
GBP/AUD soars on solid UK home data, struggling Aussie
FXstreet.com (Athens) – The GBP/AUD is creeping higher threatening very significant resistance levels, due to the continuation of the solid UK data, as well as to the weakening of the Aussie across the board.
GBP/AUD above 61.8% Fib.October downtrend movement; cross builds strong uptrend set-up
The GBP/AUD has been steadily trending to the upper level since the kick off of the Asian trading session in Wellington, taking advantage partly of the weakening Aussie across the board, but also to the solid release of another one UK data. Briefly, the demand for houses in UK led to the most widespread rise in UK home prices for roughly 11 years, indicating that Carney’s monetary policy is indeed on solid track. Ahead of, we have UK CPI, PPI, Retail Price index data, therefore market participants are highly suggested to bear their mind focused on the releases.
Technical Aspects on the GBP/AUD
The GBP/AUD is currently trading 1.7111, after already having printed a fresh November high of 1.7123. What’s more, the cross is now trading above the 61.8% Fibonacci October fall of the area (1.7385 – 1.6653) laying at 1.7106. In addition widespread rumors indicate that leveraged sellers of the Australian dollar, push further upwards the cross which in case it manages to breach decently the 61.8% Fib at 1.7106, it might be driven to the next resistance level of the 76.4% Fibonacci October fall of the area (1.7385 – 1.6653), near 1.7215 zone.
GBP/AUD above 61.8% Fib.October downtrend movement; cross builds strong uptrend set-up
The GBP/AUD has been steadily trending to the upper level since the kick off of the Asian trading session in Wellington, taking advantage partly of the weakening Aussie across the board, but also to the solid release of another one UK data. Briefly, the demand for houses in UK led to the most widespread rise in UK home prices for roughly 11 years, indicating that Carney’s monetary policy is indeed on solid track. Ahead of, we have UK CPI, PPI, Retail Price index data, therefore market participants are highly suggested to bear their mind focused on the releases.
Technical Aspects on the GBP/AUD
The GBP/AUD is currently trading 1.7111, after already having printed a fresh November high of 1.7123. What’s more, the cross is now trading above the 61.8% Fibonacci October fall of the area (1.7385 – 1.6653) laying at 1.7106. In addition widespread rumors indicate that leveraged sellers of the Australian dollar, push further upwards the cross which in case it manages to breach decently the 61.8% Fib at 1.7106, it might be driven to the next resistance level of the 76.4% Fibonacci October fall of the area (1.7385 – 1.6653), near 1.7215 zone.