💰Take Profit 1 - 1.8998
💰Take Profit 2 - 1.8948
💰Take Profit 3 - 1.8898
❌ Stop loss - 1.9178
Technical analysis:
The GBP/AUD pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 1.9078, and a sell entry point of 1.9078 is just below the recent high of 1.9178.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The British pound is generally seen as a riskier currency than the Australian dollar, and it has been weakening against the Australian dollar as concerns about the global economy have grown.
Second, the Bank of England (BoE) is expected to raise interest rates more slowly than the Reserve Bank of Australia (RBA), which could put downward pressure on the GBP against the AUD.
Finally, the UK economy is expected to grow more slowly than the Australian economy in the near term. This is due to a number of factors, including the ongoing war in Ukraine and the energy crisis.
Risks:
There are a few risks to consider before entering a trade on GBP/AUD. First, the global economy could improve, which could lead to a rise in GBP/AUD.
Second, the RBA could raise interest rates more quickly than expected, which could also put upward pressure on the GBP/AUD.
Finally, the Chinese economy could recover more quickly than expected, which could also put upward pressure on the GBP/AUD.
💰Take Profit 2 - 1.8948
💰Take Profit 3 - 1.8898
❌ Stop loss - 1.9178
Technical analysis:
The GBP/AUD pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 1.9078, and a sell entry point of 1.9078 is just below the recent high of 1.9178.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The British pound is generally seen as a riskier currency than the Australian dollar, and it has been weakening against the Australian dollar as concerns about the global economy have grown.
Second, the Bank of England (BoE) is expected to raise interest rates more slowly than the Reserve Bank of Australia (RBA), which could put downward pressure on the GBP against the AUD.
Finally, the UK economy is expected to grow more slowly than the Australian economy in the near term. This is due to a number of factors, including the ongoing war in Ukraine and the energy crisis.
Risks:
There are a few risks to consider before entering a trade on GBP/AUD. First, the global economy could improve, which could lead to a rise in GBP/AUD.
Second, the RBA could raise interest rates more quickly than expected, which could also put upward pressure on the GBP/AUD.
Finally, the Chinese economy could recover more quickly than expected, which could also put upward pressure on the GBP/AUD.