GBP/AUD Develops an Escape Velocity

The GBP/AUD market has seen a strong upward rebound through a key technical level. This occurred after the Bank of England’s (BoE) interest rate decision was announced as expected, failing to surprise investors. Meanwhile, the balance of trade came in higher than anticipated but did not weigh down the pound.

Key Levels

Resistance: 2.100, 2.150, 2.200

Support: 2.000, 1.950, 1.900

GBP/AUD Leaps Off a Key Base

Today’s trading activity in the GBP/AUD market has produced notable gains. Price action can be seen pushing through the middle band of the Bollinger Bands (BB) indicator. The latest price candle sits just above this middle band.

It has a lower shadow and a small upper shadow. The outer bands of the BB indicator have converged, while the Stochastic Relative Strength Index (SRSI) lines maintain a steep upward slope. These lines are now around the 70 level of the indicator, suggesting a bullish continuation in the near term.

GBP/AUD Stands Above Limits

While price action remains generally bullish, the most recent price candle on the daily chart appears bearish. However, despite its bearish appearance, the candle still sits above the upper band of the BB indicator.

Additionally, the SRSI indicator lines continue on an upward trajectory within the overbought region. Technically, these signals are aligned to suggest a continued upward retracement toward the 2.1000 price level.

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