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AUD/GBP: Fresh Cycle Lows After Resilient UK Services CPI


AUD/GBP extended cycle lows in yesterday's trading after the UK inflation print showed resilient Services CPI, the pair has now fallen ~10.5% in 2023 and sits at its lowest level since April 2020.

  • In early dealing on Thursday we remain little changed from opening levels at £0.5045/50.
  • On the downside bears can target the £0.50 handle, £0.4862 a Fibonacci projection and the March 2020 low at £0.4795.
  • Bulls look to first reclaim the £0.51 handle, the 20-Day EMA comes in at £0.5143. A break through here opens the high from 20 July (£0.5304).
  • Australia’s July employment data prints this morning with 15k new jobs expected and the unemployment rate forecast to rise to 3.6% from 3.5%.

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