GBP/USD breaks lower once more
IN_GBPUSD has broken to the downside once more this morning, following a period of consolidation in the past two trading days. The inability to break through $1.3349 was very telling and we are expecting further losses.
As such, while price remains below $1.3349, further downside is expected, with $1.3206 providing near-term resistance. The next key support level of note is $1.3121.
AUD/USD pullback unlikely to last
AUD/USD weakness overnight was driven by a host of economic data, which negated the initial gains after the RBA held rates steady this morning. However, we are in a clear uptrend since the EU referendum. Arguably, the AUD should be well prepared to weather any contagion effects from that decision and as such, further gains seem likely.
Given that this pair is set within a bullish trend since the May lows, it seems likely that we will return to the $0.7650 area soon enough. For the short-term, another leg higher seems likely, with a bullish view in place unless we see an hourly close below $0.7460. The next resistance level is $0.7545.