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British Pound Forecast: GBP/AUD, GBP/CAD, GBP/NZD Charts in Focus 2021-03-17 04:30:00 Thomas Westwater, Analyst
British Pound Technical Forecast – Talking Points
GBP/AUD looks to preserve 2021 trend as it faces trendline resistance
GBP/CAD’s recent losses may reverse if the 200-day SMA supports prices
GBP/NZD’s yearly gain in danger if longer-term resistance holds firm
GBP/AUD Technical Forecast
Despite an early January selloff, GBP/AUD has managed to drift higher this year, with the current price hovering above the 20-day Simple Moving Average (SMA). The recent pivot lower from the March high has revealed a descending trendline that may serve as an area of resistance on the next upswing. Although it is fragile with only two prior points of contact.
Asia Pacific markets may see a bearish start to the session as Treasury yields continue to move higher on US stimulus spending. Meanwhile, Greenback strength pushed NZD/USD below a key technical le.
GBP/USD has failed to overcome dollar strength as the Fed remains reluctant to intervene. US inflation, a vote on stimulus and UK GDP figures stand out