4 Aug 2015
GBP/AUD recovers above 2.11 handle
FXStreet (Mumbai) - The GBP/AUD spot recovered from the low of 2.1087 to trade around 2.1140, helped by the minor correction in the AUD.
Weak UK data ignored
The UK construction PMI in July printed at 57.1, missing the estimated rise to 58.5 from 58.1 in June. The weak data pushed the GBP/AUD pair to a low of 2.1087, but exhaustion in the post-RBA AUD rally helped the cross recover above 2.11 handle.
With no major UK or US data due for release in the day ahead, the American traders may hit the markets with fresh offers, thereby pushing the spot back below 2.11 levels. Meanwhile, weakness in the commodity prices could cap gains in the AUD.
GBP/AUD Technical Levels
The pair currently trades at 2.1115. The immediate support is seen at 2.11, followed by a major support at 2.10 handle. On the other hand, resistance is seen at 2.1271 (July 20 high) and 2.1448 (daily high).
Weak UK data ignored
The UK construction PMI in July printed at 57.1, missing the estimated rise to 58.5 from 58.1 in June. The weak data pushed the GBP/AUD pair to a low of 2.1087, but exhaustion in the post-RBA AUD rally helped the cross recover above 2.11 handle.
With no major UK or US data due for release in the day ahead, the American traders may hit the markets with fresh offers, thereby pushing the spot back below 2.11 levels. Meanwhile, weakness in the commodity prices could cap gains in the AUD.
GBP/AUD Technical Levels
The pair currently trades at 2.1115. The immediate support is seen at 2.11, followed by a major support at 2.10 handle. On the other hand, resistance is seen at 2.1271 (July 20 high) and 2.1448 (daily high).