GBP/AUD Technical Analysis: 1.8720/25 regains market attention after soft Australian GDP

GBP/AUD is taking the round of bids near 1.8640 during early Wednesday.
The pair grew from 1.8550 to the intra-day high near 1.8645 after gross domestic product (GDP) figures from Australia weakened on a quarterly basis.
The fourth quarter (Q4) GDP figure lagged behind 0.3% market consensus and prior to 0.2% on quarterly basis whereas yearly comparison show 2.3% growth from the 2.7% (revised) registered during the same time last year and 2.5% forecast.
After the release, the GBP/AUD pair broke descending trend-line resistance, at 1.8625, that joins the highs since late-Monday.
As a result, buyers may now aim for 1.8720/25 area comprising highs marked in February and March till present.
Given the pair crosses 1.8725 upside barrier, 61.8% Fibonacci expansion level of 1.8795 may lure the Bulls.
Meanwhile, pullback under 1.8625 resistance-turned-support can well drag the quote to 23.6% Fibonacci retracement level of 1.8545 while a downward sloping trend-line at 1.8500 could restrict additional declines.
If at all sellers refrain from respecting 1.8500 support, an ascending support-line stretched since February 21, coupled with 38.2% Fibonacci, might flash the 1.8440 on their radar.

Anil Panchal FXStreet

GBP/AUD hourly chart

Additional important levels:

Overview:
    Today Last Price: 1.8628
    Today Daily change: 33 pips
    Today Daily change %: 0.18%
    Today Daily Open: 1.8595
Trends:
    Daily SMA20: 1.8318
    Daily SMA50: 1.8146
    Daily SMA100: 1.7986
    Daily SMA200: 1.7925
Levels:
    Previous Daily High: 1.8639
    Previous Daily Low: 1.8524
    Previous Weekly High: 1.8725
    Previous Weekly Low: 1.8195
    Previous Monthly High: 1.8725
    Previous Monthly Low: 1.7869
    Daily Fibonacci 38.2%: 1.8595
    Daily Fibonacci 61.8%: 1.8568
    Daily Pivot Point S1: 1.8533
    Daily Pivot Point S2: 1.847
    Daily Pivot Point S3: 1.8417
    Daily Pivot Point R1: 1.8649
    Daily Pivot Point R2: 1.8702
    Daily Pivot Point R3: 1.8764

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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