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AUD/GBP: See-Sawing Around £0.51 Handle

AUD

AUD/GBP has consolidated gains after recovering ~1.8% off cycle lows and has see-sawed around the £0.51 handle in narrow ranges in recent dealing.

  • The pair is little changed from opening levels this morning and last prints at £0.5100/05.
  • Bulls look to sustain a break of the £0.51 handle and 20-Day EMA (£0.5106), from here they can target the high from 2 Aug (£0.5182).
  • Despite the recovery from cycle lows 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.

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