GBPAUD On The Move
The breakout trade in GBPAUD has hit its first target at the 1.8578 level, where the channel top is offering additional resistance. Despite the moves lower in GBP today, GBPAUD is holding up currently, with price action suggesting there is still good demand for the pair. The retail community is currently around 80% long suggesting plenty of scope for a continuation higher towards the next target at 1.8739 while we hold above the 1.8438 breakout base.
Keep An Eye On
Today’s political meeting over the Northern Ireland Protocol has the potential to create volatility in GBP. However, given that USD strength is weighing on AUD more than GBP and that, broadly speaking, central bank expectations are far more hawkish for the BOE than the RBA in the near term, GBPAUD has the ingredients to remain a good long trade into next week.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.