Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

During yesterday’s trading session GBP/AUD traded within the range of 1.8029-1.8188 and closed at 1.8076.

At 7:21 GMT today GBP/AUD was gaining 0.19% for the day to trade at 1.8094. The pair touched a daily low at 1.8102 at 1:30 GMT.

Fundamental view

Annualized industrial output in the United Kingdom probably expanded 2.4% in March, following another 2.7% increase during the preceding month. In monthly terms, industrial production probably decreased 0.1% in March, after a 0.9% gain in the previous month. The index presents the change in the total inflation-adjusted value of production in sectors such as manufacturing, mining and energetics.

UK’s annualized manufacturing production, a short-term indicator which accounts for almost 80% of nation’s industrial output, probably expanded 2.9% in March. In February manufacturing output rose at an annualized pace of 3.8%. In monthly terms, production probably increased 0.3% during March. As it is a key component of country’s Gross Domestic Product, in case manufacturing production expanded more than projected in February, this would have a bullish effect on the sterling.

The Office for National Statistics (ONS) will release the official figures at 8:30 GMT.

Technical view

Screenshot from 2014-05-09 10:26:10

According to Binary Tribune’s daily analysis, in case GBP/AUD manages to breach the first resistance level at 1.8165, it will probably continue up to test 1.8256. In case the second key resistance is broken, the pair will probably attempt to advance to 1.8327.

If GBP/AUD manages to breach the first key support at 1.8008, it will probably continue to slide and test 1.7939. With this second key support broken, the movement to the downside will probably continue to 1.7848.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Repsol acquires Asterion Energies in EUR 560 million dealRepsol acquires Asterion Energies in EUR 560 million deal Spanish oil major Repsol said today that it had agreed to acquire renewable energy company Asterion Energies for as much as EUR 560 million plus contingent payments of up to EUR 20 million.Asterion Energies' 7.7 gigawatt portfolio […]
  • Forex Market: GBP/USD daily forecastForex Market: GBP/USD daily forecast During yesterday’s trading session GBP/USD traded within the range of 1.6720-1.6818 and closed at 1.6803.At 06:32 GMT today GBP/USD was gaining 0.2% for the day to trade at 1.6830. The pair touched a daily high at 1.6838 at 00:15 […]
  • Ford shares close higher on Thursday, new generation F-150 pickups to hit market in NovemberFord shares close higher on Thursday, new generation F-150 pickups to hit market in November Ford Motor Co (F) announced on Thursday that it had initiated production of a new generation of its F-150 pickup truck at its factory in Dearborn, Michigan. The vehicle is expected to come to market in November.Ford shares closed […]
  • GBP/USD near two-month highs ahead of Fed minutesGBP/USD near two-month highs ahead of Fed minutes British pound was trading close to two-month highs against the US dollar on Wednesday, as market players focused on the minutes of Federal Reserve’s latest meeting, scheduled for release later today.GBP/USD came off a session high at […]
  • Norway inflation eases to lowest level since December 2020Norway inflation eases to lowest level since December 2020 The Norwegian Krone weakened more than 1% against the Euro on Wednesday, after data showed Norway's CPI inflation rate had eased to its lowest since December 2020 in June.Norway’s annual consumer price inflation has decelerated to 2.6% […]
  • Newmark arranges sale of Aon Center in LANewmark arranges sale of Aon Center in LA Newmark Group Inc, a commercial real estate adviser and service provider to institutional investors, global corporations and other owners and occupiers, said that it had arranged the sale of Aon Center, a 62-storey trophy Class A office […]