Technical Analysis: GBPAUD reacts to risk-off, RBA minutes ahead of UK employment data
Be it bearish RBA minutes or the broad risk-off based on coronavirus fears, the GBPAUD pair portrayed it all while rising to the two-week top. Even so, the pair steps back from a short-term ascending trend line, at 1.9455 now, as traders await the UK employment data for fresh impulse. Although the ascending trend channel formation favors the pair's run-up beyond 1.9455, the pattern's resistance line around 1.9500 could keep buyers in check.
On the downside, 1.9340 and the channel's support near 1.9250 could please sellers ahead of diverting them to 1.9155/40 support-zone comprising 200-bar SMA and 61.8% Fibonacci retracement of January month advances. In a case where the GBPAUD prices slip beneath 1.9140, the return of 1.9000 mark to the chart can't be ruled out.