GBP/AUD Long Trader Records a Winning Streak

Buyers in the GBP/AUD market have achieved a winning streak spanning six consecutive sessions on the daily chart. This rally appears to be fueled by speculation that the Reserve Bank of Australia (RBA) is considering a 25bps rate cut, signaling a more dovish stance. Meanwhile, the Bank of England (BoE) remains cautious about rate cuts due to persistent inflation concerns. These factors, among others, have contributed to the strong upward rebound observed in this market.

Key Price Levels:

Resistance Levels: 2.0000, 2.0400, 2.0800

Support Levels: 1.9700, 1.9300, 1.8900

GBP/AUD Appears Ready to Cross the 2.0000 Threshold

As mentioned earlier, the GBP/AUD market has been on an upward trajectory for the past six sessions. Today’s continued price increase has extended the winning streak to seven consecutive days in the green.

As a result, price action has surpassed all the Moving Average (MA) lines on the chart. Furthermore, the 20-day and 50-day MA lines have formed a bullish crossover below the price action, reinforcing expectations of continued upside momentum.

The Stochastic Relative Strength Index (RSI) lines are positioned high in the overbought region, with the lead line preparing to move sideways. From a technical standpoint, this suggests that the market could still advance further.

Tailwinds Continue to Build in the GBP/AUD Market

Bullish momentum in the GBP/AUD market remains strong. Examining the 4-hour chart, the latest price candle reflects intense buying pressure, as it has no upper or lower shadow. Additionally, trading continues above all MA lines, which are converging for a bullish crossover beneath the price action.

Similarly, the Stochastic RSI lines are converging just below the 80 mark, indicating strengthening bullish momentum. The alignment of these technical indicators suggests that upward forces may intensify, potentially propelling the market past immediate resistance toward the 2.0100 price level.

Do you want to take your trading to the next level? Join the best platform for that here.