FXstreet.com (Barcelona) - As for second consecutive week in quite a while, cross GBP/AUD is printing fresh highs at 1.4970, last at 1.4957 bids. The cross is higher for the week by some +0.74% and just flat for the current month erasing all previous losses that took GBP/AUD to 4-month lows on Aug 07 at 1.4709.
Current Aussie weakness is helping the cross climbing higher, now around past July lows and 0.5 Fibo retrace of down leg 1.5240/1.4709, still a way long to go from 2012 highs around 1.6180, having lost since then a severe -7.55%. According to Andrew M. Spencer from IFR Markets: “Daily momentum studies head north,” the analyst says, while: “Rejection of lower Bolli targets 1.5176 upper band,” Andrew concludes.
Immediate resistance to the upside for GBP/AUD shows at July 26 lows 1.4961, followed by July 20 lows at 1.5024, and July 05 lows at 1.5067, while for the downside closest support comes at Monday's highs/session lows 1.4940, followed by yesterday's lows at 1.4890, and Friday's highs/0.38 Fibo retrace of 1.4709/1.4970 at 1.4870.
Current Aussie weakness is helping the cross climbing higher, now around past July lows and 0.5 Fibo retrace of down leg 1.5240/1.4709, still a way long to go from 2012 highs around 1.6180, having lost since then a severe -7.55%. According to Andrew M. Spencer from IFR Markets: “Daily momentum studies head north,” the analyst says, while: “Rejection of lower Bolli targets 1.5176 upper band,” Andrew concludes.
Immediate resistance to the upside for GBP/AUD shows at July 26 lows 1.4961, followed by July 20 lows at 1.5024, and July 05 lows at 1.5067, while for the downside closest support comes at Monday's highs/session lows 1.4940, followed by yesterday's lows at 1.4890, and Friday's highs/0.38 Fibo retrace of 1.4709/1.4970 at 1.4870.
