GBPAUD Chart Technical Outlook

GBPAUD Chart Technical Outlook bears are aiming for a retest of 1.9015 support a break above 1.9070 market can target 1.9125 The Pound looks vulnerable against the Australian Dollar after the rejection in the vicinity of 1.9200 put bears in charge, increasing bearish pressure towards the 1.9015 support area. In the calendar today, the UK CIPS PMI will be the most relevant data point. Business activity is expected to have improved somewhat, yet still within contraction levels. Technical indicators are negative. Support levels are 1.9015 and 1.8850. On the upside, the confluence of the 4h 50 and 200 SMA, at 1.9145 might offer some resistance ahead of the 1.9220 resistance level.

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