TD trade of the week: Sell GBP/AUD
GBP/AUD is trading at 1.8288
TD Research suggests selling the pound against the Aussie in its weekly FX pick.
They recommend selling GBP/AUD with a target of 1.8060 and a stop at 1.8560.
They noted they are tactically bullish on AUD and NZD and that AUD has a "significant discount on our valuation metrics."
"With AUD/USD firmly anchored within a tight trading range, we think it may be better to look to certain crosses. Here, we see scope for GBP/AUD downside in the days ahead."
For bank trade ideas, check out eFX Plus.