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6 Aug 2013
GBP/AUD near fresh 3-year highs above 1.72
FXstreet.com (Barcelona) - The GBP/AUD foreign exchange cross rate is last quoted at 1.7219, off recent daily/weekly/fresh almost 3-year highs at 1.7270 printed on the back of combined Aussie weakness and Pound strength, following best UK PMI services since year 2007 released Monday.
GBP/AUD dominant trend higher
With Pound being the strongest currency among majors last 2 trading days, and Aussie the third weakest only above Kiwi and Loonie, the GBP/AUD cross is up +3.6% since past Monday, and a +14.09% in last 6 months. Few hours ahead of Australian trade balance at 01:30 GMT and RBA meeting at 04:30 GMT, some analysts are calling for a target at 1.7370, 23.6% Fibo retrace of the 2008/2013 fall.
GBP/AUD key technical levels
Immediate resistance to the upside for GBP/AUD shows at recent daily/weekly and almost 3-year highs 1.7270, followed by Oct 2009 lows at 1.7326, and late August 2010 highs at 1.7370. To the downside, closest support lies at recent session lows and previous weekly close 1.7166, followed by Monday's weekly lows at 1.7122, and July 31/Aug 01 highs at 1.7047.
GBP/AUD dominant trend higher
With Pound being the strongest currency among majors last 2 trading days, and Aussie the third weakest only above Kiwi and Loonie, the GBP/AUD cross is up +3.6% since past Monday, and a +14.09% in last 6 months. Few hours ahead of Australian trade balance at 01:30 GMT and RBA meeting at 04:30 GMT, some analysts are calling for a target at 1.7370, 23.6% Fibo retrace of the 2008/2013 fall.
GBP/AUD key technical levels
Immediate resistance to the upside for GBP/AUD shows at recent daily/weekly and almost 3-year highs 1.7270, followed by Oct 2009 lows at 1.7326, and late August 2010 highs at 1.7370. To the downside, closest support lies at recent session lows and previous weekly close 1.7166, followed by Monday's weekly lows at 1.7122, and July 31/Aug 01 highs at 1.7047.