GBP/AUD rejected at 100-DMA, intraday bias bearish.
Price action dips below daily cloud and is currently holding 20-DMA support at 1.6182.
Technical studies are bearish, RSI is biased lower and Stochs have rolled over from overbought levels.
We expect GBP to remain under pressure as Article 50 is triggered and uncertainty will weigh on the pound.
Break below 20-DMA will see drag upto trendline support at 1.59.
On the flipside, bearish invalidation only above 100-DMA at 1.6533.
Support levels - 1.6183 (20-DMA), 1.60 (Jan 16 low), 1.59 (trendline)
Resistance levels - 1.63, 1.6357 (5-DMA), 1.6485 (Feb 9 high), 1.6533 (100-DMA)
Good to go short on rallies around 1.6275/1.63, SL: 1.6360, TP: 1.6180/ 1.61/ 1.60
Price action dips below daily cloud and is currently holding 20-DMA support at 1.6182.
Technical studies are bearish, RSI is biased lower and Stochs have rolled over from overbought levels.
We expect GBP to remain under pressure as Article 50 is triggered and uncertainty will weigh on the pound.
Break below 20-DMA will see drag upto trendline support at 1.59.
On the flipside, bearish invalidation only above 100-DMA at 1.6533.
Support levels - 1.6183 (20-DMA), 1.60 (Jan 16 low), 1.59 (trendline)
Resistance levels - 1.63, 1.6357 (5-DMA), 1.6485 (Feb 9 high), 1.6533 (100-DMA)
Good to go short on rallies around 1.6275/1.63, SL: 1.6360, TP: 1.6180/ 1.61/ 1.60