31 Jan 2014
GBP/AUD corrects further after rejection from 1.9000
FXstreet.com (Córdoba) - The GBP/AUD suffered the worst daily decline in 15 days on Thursday, making a strong correction after the price was unable to hold above 1.9000; now is headed toward the first weekly loss of 2014.
GBP/AUD trend still bullish, but on correction mode
The main trend continues to point to the upside but in the short-term the pair is moving in a corrective mode, moving with a bearish bias. Last Friday the GBP/AUD soared to 1.9183, hitting the highest price in four years, but that same day, retreated sharply, making a strong reversal.
Cable failed to post a significant close above the 1.9000 level and lost strength. A weak Aussie kept the price near the mentioned level, until Thursday when it moved sharply to the downside, breaking below 1.8810.
Early in Asia the GBP/AUD fell further and bottomed at 1.8690, the lowest price since January 22, but bounced afterwards rising back toward 1.8750.
GBP/AUD trend still bullish, but on correction mode
The main trend continues to point to the upside but in the short-term the pair is moving in a corrective mode, moving with a bearish bias. Last Friday the GBP/AUD soared to 1.9183, hitting the highest price in four years, but that same day, retreated sharply, making a strong reversal.
Cable failed to post a significant close above the 1.9000 level and lost strength. A weak Aussie kept the price near the mentioned level, until Thursday when it moved sharply to the downside, breaking below 1.8810.
Early in Asia the GBP/AUD fell further and bottomed at 1.8690, the lowest price since January 22, but bounced afterwards rising back toward 1.8750.