GBPAUD is on the move today with GBP being the best performing G10 currency and AUD being one of top laggards. GBP received a boost from reports saying that new UK Prime Minister Liz Truss prepares a plan to freeze energy prices for households. The plan would cost 130 billion GBP over 18 months and will include setting a fixed price for households and the government compensating energy suppliers for the difference. While this means a massive increase in fiscal spending, what should be GBP-negative, it also gives a chance to avert a major energy crisis that would surely push the UK into recession. When it comes to AUD, Reserve Bank of Australia delivered a 50 basis point rate hike today. While rate hikes are currency-positive, a 50 bp move was expected and already priced-in.
Taking a look at GBPAUD chart at H1 interval, we can see that the pair jumped above the 200-hour moving average overnight (purple line on the chart below) and continued to climb later on. A break above the resistance zone ranging above 1.7050 area occurred and the pair reached 2-week highs. However, advance was halted at the 38.2% retracement of the late-August downward move. Should bulls regain initiative and push the price above this hurdle, a test of the 50% retracement in the 1.7150 area may come next.
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Source: xStation5
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