Forex: GBP/AUD facing key level Fibo retrace below 1.4850

FXstreet.com (Barcelona) - GBP/AUD is last at 1.4797, off recent session highs at 1.4819, same highs of those at late NY session. The cross is still below Monday's weekly highs at 1.4854, fresh 1-month highs, printed on the back of Aussie weakness, coupled with some Pound strength, as Aussie is along with Kiwi, the 2 weakest currencies among majors for last 2 trading days, while Pound is in the mid wagon of the pack. The cross is up +1.31% for the week so far.

Mentioned recent highs are same highs of late Feb early March, which also represent the 38.2% Fibo retrace of daily down leg for 2013 from Dec 31 highs at 1.5672 to 20+ year lows of March 12 at 1.4376, at the same time as 50% retrace of second leg lower from Feb 11 highs at 1.5352, to same multi-year lows. Not only that but this level also represents strong support from mid 2011, being previous long term lows for three times until past late Feb break down.

Immediate resistance to the upside for GBP/AUD shows at mentioned recent session/April 07 highs 1.4820/30, followed by Monday's highs at 1.4854, and key Fibo levels/Feb 27 highs at 1.4870/85. To the downside, closest support lies at yesterday's lows 1.4741, followed by Friday's highs at 1.4654, and Monday's weekly lows at 1.4582.