GBP/USD recovering after Brexit poll sell-off
The pair has suffered a sharp sell-off at the open, as the latest Brexit polls came out in favour of the ‘leave’ campaign. However, crucially, we did not see the pair break through the $1.4333 support level, which would have completed a double top formation.
As such, the pair is rallying currently, with initial resistance levels at $1.4442 and $1.4473. Given the size of this sell-off and the importance of the 1.4333 support level, a bullish view is in play for the short-term. After that, it is a case of waiting for a break either below $1.4333 or above $1.4582 to re-establish the market direction given the current higher highs/lower lows scenario.
AUD/USD heading higher once more
The pair seems to have bottomed out over the past few weeks, with Friday’s break higher running back into the key $0.7367 resistance from three weeks ago.
This level will be crucial once more today, where an hourly close above $0.7367 would point towards another leg higher for the pair. Should that occur, the next resistance level of note is found at $0.7402.