• FxWirePro: GBP/AUD heads deeper into bear territory, bears plotting path toward 1.8250

    Source: FxWire Pro - Technicals / 01 Jun 2020 14:54:06   America/New_York

    • GBP/AUD declined on Monday as optimism over economies opening up again boosted demand for riskier currencies like Australian dollar.

    • The is pair heading towards the lower bollinger band, as near term direction of the pair is likely to be driven by current price action.  

    • Technical are bearish, daily RSI is negative at 26, daily momentum studies  9 and 10 DMAs are trending down. 

    • Immediate resistance is located at 1.8537 (9 DMA ), any close above will push the pair towards 1.8665 (23.6% fib).

    • Strong support is seen at 1.8336 (Daily low) and break below could take the pair towards 1.8259 (Lower BB).

    Recommendation: Good to sell on  around 1.8380, with stop loss of 1.8650 and target price of 1.9250

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