GBPAUD Chart Technical Outlook is on the defensive, likely to extend losses below the 1.9575 support area,
The Pound remains vulnerable against a stronger AUD, favoured by a moderate risk appetite after China’s decision to cut the taxes on stock trade, and the unexpected increase in Australian retail sales data.
In a few moments, RBA Deputy Governor, Michelle Bullock might help the pair to finally break below 1.9575, increasing negative pressure on the pair.
Below there, bears would eyer 1.9450 and the 4h 200 SMA, which meets the 50% retracement of the July-August rally.
Resistances are the 4h 100 SMA, at 1.9640, and 1.9700.
