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GBP/AUD plummets to test 1.81 handle support

FXStreet (Guatemala) - GBP/AUD is trading at 1.8126, down -0.96% on the day, having posted a daily high at 1.8357 and low at 1.8093.

GBP/AUD has fallen out of the side ways drift of the start of the week that came with a negative bias. The pair has plummeted to just over 200 pips to test the 1.8100 level. Sterling has taken a hit across the board on the basis of the quarterly inflation report from the BoE, which leaves markets knowing that we are still a long way off from a rate hike in the UK. This combined with disappointments of numbers in the UK’s labour force and improvements in the Australian economy, the cross comes with a higher bearish bias of recent times.

GBP/AUD noteworthy levels

With spot trading at 1.8127, we can see next resistance ahead at 1.8140 (Daily 100 SMA), 1.8154 (Daily 200 SMA), 1.8186 (Daily Classic S2), 1.8193 (Weekly Classic S1) and 1.8210 (Hourly 20 EMA). Support below can be found at 1.8112, 1.8087 (Daily Classic S3), 1.7999 (Weekly Classic S2) and 1.7768 (Weekly Classic S3).

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