AUD/GBP specs eyeing key resistance for direction
Since the pandemic March lows, the AUD/GBP currency pair has created a nice V-shape recovery and is now testing the weekly 200-period simple moving average, which was last tested on July 20th of this year. What followed after was a relatively healthy pullback into August where the pair ranged throughout. September has proven more positive boasting a 1.09% gain at the time of writing. For a short term set-up, further upside is likely for this pair with a view to close out at trend line resistance and triple top at (1).
The downside to this bullish set-up is the pair is currently being capped for further gains by not only the 200-period Weekly moving average which comes in at 5606.8 but also the Monthly 50 and 100-period moving averages, which levels are at 5606.4 for the 50 ma, and 5612.9 for the 100 ma. If the bulls can manage to nudge prices beyond these immediate resistance levels (5606/5612) it should provide a clear shot to 5645 followed by 5665/69 for a twin resistance test. (1)
The downside to this bullish set-up is the pair is currently being capped for further gains by not only the 200-period Weekly moving average which comes in at 5606.8 but also the Monthly 50 and 100-period moving averages, which levels are at 5606.4 for the 50 ma, and 5612.9 for the 100 ma. If the bulls can manage to nudge prices beyond these immediate resistance levels (5606/5612) it should provide a clear shot to 5645 followed by 5665/69 for a twin resistance test. (1)