GBP/AUD Moves Closer to 1.8800 Mark
The GBP/AUD erased all of its early weakness to turn positive and has now moved to the high point of the day at 1.8790.
Extending its recovery witnessed during the later half of the previous week, the pair reversed from an early dip to 1.8679 and is now inching closer towards 1.8800 handle. The UK pound has been gaining ground after US President Obama urged people to vote in favor of staying with the European Union when they cast their vote on June 23.
Technical levels to watch
The momentum seems to be strong enough to lift the pair beyond 1.8800 mark towards testing three week high 1.8856 ahead of testing April month high level resistance near 1.8890.
Alternatively, inability to move back above 1.8800 mark and a subsequent weakness back below 1.8740 immediate horizontal support seems to increase the pair's vulnerability to continue drifting lower and retest 1.8560-50 horizontal support.