Forex: GBP/AUD holding above 1.52; big bids seen on GBP

FXstreet.com (Barcelona) - GBPAUD is currently trading at 1.5234 bids, a price has been swinging around since early 2011, when a massive fall from 2008 highs above 2.6 started to stall. Ever since, the cross has been range bounce in between highs around 1.6228, and lows at 1.4531 and 1.4690. For GBPUSD, "big bids were reported yesterday during London trade," around support levels 1.5850/60, says Sean Lee, founder at FXWW. "If they are big, then there is no way that Asia will have enough power to work through them," the analyst notes.

GBPAUD recently broke below 1.53 support zone, weekly lows for last four trading days past week, once the cross could not get over its 200 day SMA again. It broke below this area on Tuesday, when RBA surprisingly left rates on hold. Now 200 day SMA moves around 1.5350. That 1.5300 level was also 50% Fibo retrace of latest daily up leg from mentioned all time lows area at Aug 07 1.47. Following Fibo retrace, the 61.8% one, is located at 1.5163.

Immediate support to the downside for GBPAUD lies at recent session and 3-month lows 1.5202, followed by mentioned key Fibo level 61.8% retrace and Aug 27 lows at 1.5150/63, and July 05 lows/Aug 17 highs at 1.5082/65. To the upside, nearest term resistance shows at Sept 15 lows 1.5271, followed by mentioned past weekly lows/mentioned 50% Fibo retrace at 1.5290/1.5300, and Sept 17 lows at 1.5339.