GBPAUD retreat midday after a sharp opening that drove the price up to four year highs. Bulls rejected at 2.0764, while as of writing the pair is 1.03% higher at 1.9822. Australian dollar is under selling pressure since the coronavirus outbreak as the Aussie ecoomy has a significant exposure to already battered Chinese economy. Rumors that Australian government preparing a stimulus package helped the Aussie to recover some of the early flash losses.
As there are no any Brexit related headlines the price today will be affected by the risk-off mood amid the coronavirus outbreak and the oil price war between Saudi Arabia and Russia.
Read our Best Trading Ideas for 2020.
GBPAUD Technical Analysis
GBPAUD started with a gap up the session amid the turbulence in the markets across the globe. The pair hit fresh four year highs and the positive trend that began in August 2019 is intact and gains traction after today’s session.
On the upside the first resistance seen at 2.0764 the daily top. More offers might emerge at 2.0977 the high from January 2016.
On the other hand, first support stands at 1.9744 the daily low. The next support zone will be met at 1.9528 the low from Friday’s trading session. In case the pair breaks lower next area to watch is the low from March 5th trading session at 1.9385.
Don’t miss a beat! Follow us on Telegram and Twitter.
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Nikolas on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.