GBPAUD last long before a new bearish trend ?
- Technical: In a bullish trend, last week we could observe a correction following the price arriving at a resistance level, we have no sign of reversal so I think the price could continue to rise this week, here is the correction I expect.
- Retail : A majority of the retails are sellers, (logical following the arrival of the price on a resistance level), which reinforces our willingness to buy, when people want to sell or buy following the arrival of the price on a certain level, it is often wrong
- News: Mid-week and a new intervention from the Bank of England (BoE) helped lift investor sentiment and the British pound to seven-month highs.
Meanwhile, the Australian dollar (AUD) struggled to find strong demand throughout the week as market sentiment deteriorated over the deteriorating situation in Ukraine.
- Fundamental: Rishi Sunak should help restore fiscal credibility and regain market confidence, but at the cost of more aggressive fiscal austerity and a deep recession in the UK.
Any rebound may be short-lived, however, as harsh economic reality catches up with the currency.
- Retail : A majority of the retails are sellers, (logical following the arrival of the price on a resistance level), which reinforces our willingness to buy, when people want to sell or buy following the arrival of the price on a certain level, it is often wrong
- News: Mid-week and a new intervention from the Bank of England (BoE) helped lift investor sentiment and the British pound to seven-month highs.
Meanwhile, the Australian dollar (AUD) struggled to find strong demand throughout the week as market sentiment deteriorated over the deteriorating situation in Ukraine.
- Fundamental: Rishi Sunak should help restore fiscal credibility and regain market confidence, but at the cost of more aggressive fiscal austerity and a deep recession in the UK.
Any rebound may be short-lived, however, as harsh economic reality catches up with the currency.