The Bank of
England decision to keep the interest rate the same at 0.25% had a major effect
on all GBP pairs and GBP/AUD was no different. The pair moved sharply to the
upside, easily breaking out above the resistance at 1.6570, which coincided with
the (MA)89 indicator on the daily time-frame, then continued rallying. Today it
remains very bullish and the move to the upside continues. The pair is testing
the resistance around 1.6950 – 1.7000 and it will likely break out above it. If
it does, the move to the upside will probably continue towards the next
resistance, which is at 1.7400 and coincides with the (MA)89 indicator on the
weekly time-frame.
Very impressive rally!
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ReplyDeleteImportant levels to consider!
ReplyDeleteIts forming a triple bottom.
ReplyDeleteUpside trend continues.
ReplyDelete