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GBP/AUD bulls protect 1.84 handle

FXStreet (Guatemala) - GBP/AUD is trading at 1.8422, up 0.18% on the day, having posted a daily high at 1.8449 and low at 1.8380.

GBP/AUD has picked up having tested the 1.84 handle’s resilience on a big figure drift over the last session. The move lower was just the second daily stick's attempt lower on over a 12 cent bull run from the depths of the 1.72 handle. The hourly FXStreet OB/OS Index is now showing neutral conditions here, alongside the FXStreet Trend Index which is now slightly bullish. At the time of writing, RSI is neutral at 53.88, up from 45.42 at the last hour close, while ADX is ranging at 17.52, down from 25.41 previous. Matt Weller is a Senior Technical Analyst on FOREX.com’s research team explained that, overall, “The technical evidence suggests the GBPAUD rally is more likely to continue than reverse at this point. To the topside, the next level of resistance to watch is the 78.6% Fibonacci retracement of the January-September drop at 1.8763” However he added, “On the other hand, if rates reverse back below the key 1.8340 level and the 200-day MA near 1.8200, it would erase the bullish bias and suggest a deeper pullback heading into October”.

GBP/AUD short term hourly levels

Spot is presently trading at 1.8424, and next resistance can be seen at 1.8435 (Hourly 20 EMA), 1.8440 (Daily Classic PP), 1.8449 (Daily High), 1.8494 (Daily Classic R1) and 1.8528 (Weekly Classic R1). Next support to the downside can be found at 1.8397 (Hourly 100 SMA), 1.8391, 1.8380 and 1.8336 (Daily Classic S1).

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