GBP/USD edges lower while AUD/USD slumps
The dollar has strengthened against the pound, and has enjoyed a resurgence against its Australian counterpart.
GBP/USD
The GBP/USD price has eased back after nosing above $1.30 in yesterday’s session. However, for a short-term bearish view to emerge we would need to see a drop below $1.2850, potentially signalling a pullback in the uptrend from January.
A renewed move above $1.30 targets $1.31, and then on towards $1.34.
AUD/USD
After a rally off the lows yesterday, the AUD/USD pair has slumped, dropping back towards A$0.63 and raising the prospect of a move back towards the early March lows at A$0.62.
Below this the price would target A$0.6150, the lows from late January and early February. Buyers will need a recovery back above A$0.6350 to arrest the move to the downside and put further gains in play.
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