Free Trial

AUD/GBP: Recovering From Cycle Lows, Resistance At £0.51 Handle

AUD

AUD/GBP rose ~1% on Wednesday, firming after a softer UK PMI print with gains extending as risk sentiment improved after the US PMI prints were also softer than forecast. The cross sits ~1.7% above cycle lows seen earlier in August.

  • In early dealing on Thursday the pair is little changed from opening levels last prints at £0.5090/95.
  • Resistance was seen at the £0.51 handle late in yesterday's dealing, bulls target a break of the handle opening the 20-Day EMA (£0.5110) and the high from 2 Aug (£0.5182).
  • Despite yesterday's impressive rally we remain in a downtrend. Bears target a break of cycle lows (£0.5007) which opens £0.4862 a Fibonacci projection and the March 2020 low at £0.4795.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.