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AUD/GBP: Consolidating Above 20-Day EMA

AUD

AUD/GBP has consolidated its recent gains above the 20-Day EMA (£0.5119), dealing in a narrow range on Wednesday. The cross sits ~3% above cycle lows seen in mid-August.

  • In early dealing on Thursday we last print at £0.5140/45.
  • Bulls target the high from 2 Aug (£0.5182), a break through here opens the high from 31 July (£0.5247). The 200-Day EMA comes in at £0.5342.
  • Despite the recovery from cycle lows the cross remains in a downtrend; bears immediate focus is on the 20-Day EMA, from here they can target cycle lows (£0.5007), £0.4862 a Fibonacci projection and the March 2020 low at £0.4795.
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