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19 Dec 2013
GBP/AUD remains at multi-year highs just above 1.8500; next long-term target is 1.9670
FXstreet.com (Barcelona) - The GBP/AUD cross is telling the very unambiguous story of British Pound strength and Aussie Dollar weakness. Very short-term, the cross is pulling back off the intraday highs in what appears to be a corrective pattern.
GBP/AUD traders preparing to react to British Retail Sales in several hours
With the GBP/AUD looking very bullish on a daily, weekly and monthly basis, traders have to look for opportunities on an intraday basis to increase long exposure to the cross. Right now, a pullback to a “correction target” of 1.8498 appears to be in progress – so buyers need to ready their cash.
Traders will be eyeing the release of British Retail Sales data later in the session for more directional guidance.
Technical outlook for GBP/AUD
Technicians say the long-term upside target for GBP/AUD appears to be all the way up at 1.9670. Obviously, there will be lots of starts and stops on the way up to that target. The first resistance for the cross comes in at today’s session high of 1.8554. Support for GBP/AUD comes in at the 100% Fibonacci projection for this “abc” downside correction on the 5-minute chart of 1.8498. A break below that will bring the next Fibonacci projection of 1.8484 into play.
GBP/AUD traders preparing to react to British Retail Sales in several hours
With the GBP/AUD looking very bullish on a daily, weekly and monthly basis, traders have to look for opportunities on an intraday basis to increase long exposure to the cross. Right now, a pullback to a “correction target” of 1.8498 appears to be in progress – so buyers need to ready their cash.
Traders will be eyeing the release of British Retail Sales data later in the session for more directional guidance.
Technical outlook for GBP/AUD
Technicians say the long-term upside target for GBP/AUD appears to be all the way up at 1.9670. Obviously, there will be lots of starts and stops on the way up to that target. The first resistance for the cross comes in at today’s session high of 1.8554. Support for GBP/AUD comes in at the 100% Fibonacci projection for this “abc” downside correction on the 5-minute chart of 1.8498. A break below that will bring the next Fibonacci projection of 1.8484 into play.