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GBP/AUD drops for sixth consecutive session

FXStreet (Mumbai) - The strength in the Aussie post RBA rate decision pushed the GBP/AUD below a critical technical support and weakened it for the sixth straight session.

Supported at 2.1252

The pair fell to a session low of 2.1252 before recovering slightly to trade around 2.1290 levels. The Australian dollar spiked after the Reserve Bank of Australia left the interest rate unchanged at 2% for the fifth consecutive month.

Meanwhile, the GBP remains under pressure on account of the weak manufacturing and service PMI reports released heading into the Thursday’s BOE rate decision.

GBP/AUD Technical Levels

The immediate support is located at 2.1271 (July 20 high), under which the pair could drop to 2.1092 (Aug 13 low). On the other side, resistance is located at 2.14 (Aug 28 low) and 2.1523 (50-DMA).

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