GBPAUD- Directionial confusion.
At the moment of writing we are trading around 1.7900 against the British Pound. Its safe to say this pair is in confusion about what barriers to break through. I am still majorly bearish on this GBP pair given we are in a headlock with Brexit, no new updates only sparse headlines giving short lived hoped to speculators.
On a technical basis we are rejecting the 1.79050 zone on multiple occasion, if this level hold i can see the pair revisit 1.76800 which is around 200 pips, reviewing my previous analysis on this pair the 1.74000 area is something i can see us achieving in the coming months from a daily outlook.
to invalidate my bias we have to break, retest the 1.79000 area and take it to our next level of resistance our psychological number for GBPAUD which is 1.80000. Bare in mind we have AUD unemployment data released in the early hours of the morning which will have a significant impact on the direction for the pair. As it stands the Aussie is reported to have printed 14k more jobs which will add steam to my bearish bias. Always keep impartial as with our current political climate any information given out can go against your analysis but you have to react quickly. Do not become married to a position.
Happy Trading!!
GBPAUD
At the moment of writing we are trading around 1.7900 against the British Pound. Its safe to say this pair is in confusion about what barriers to break through. I am still majorly bearish on this GBP pair given we are in a headlock with Brexit, no new updates only sparse headlines giving short lived hoped to speculators.
On a technical basis we are rejecting the 1.79050 zone on multiple occasion, if this level hold i can see the pair revisit 1.76800 which is around 200 pips, reviewing my previous analysis on this pair the 1.74000 area is something i can see us achieving in the coming months from a daily outlook.
to invalidate my bias we have to break, retest the 1.79000 area and take it to our next level of resistance our psychological number for GBPAUD which is 1.80000. Bare in mind we have AUD unemployment data released in the early hours of the morning which will have a significant impact on the direction for the pair. As it stands the Aussie is reported to have printed 14k more jobs which will add steam to my bearish bias. Always keep impartial as with our current political climate any information given out can go against your analysis but you have to react quickly. Do not become married to a position.
Happy Trading!!
GBPAUD