GBPAUD Acquires Modest Traction - learn2trade
Login

GBPAUD Acquires Modest Traction

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


With the GBPAUD market yet to respond to the anticipation surrounding the Westpac Consumer Confidence Change data, the pair has continued to edge higher. As a result, trading activity for the previous week closed in the green, and price action edged closer to more promising technical landmarks.

Key Levels

Resistance: 2.0750, 2.1250, 2.1750

Support: 2.0000, 1.9500, 1.9000

GBPAUD Acquires Modest Traction

GBPAUD Eyes a Key Threshold

On the daily chart, price action has continued to rise following the recent upward bounce near the 2.0300 price level. As a result, the GBPAUD market has continued to edge higher toward the middle limit of the Bollinger Bands (BB) indicator.

Meanwhile, the lines of the Stochastic Relative Strength Index (SRSI) indicator have just delivered an upward crossover above the 60 mark. This suggests that price action may continue rising and could move past the middle band of the BB indicator. Such a move would increase the likelihood of further upside retracements in this market.

GBPAUD Acquires Modest Traction

GBPAUD Continues to Affirm a Promising Outlook

Moving to the 4-hour GBPAUD chart, one can see that price action has broken above the middle band of the BB indicator. The latest price candle remains green, with its upper shadow testing the uppermost limit of the BB indicator.

The BB indicator itself is tilting upward as a result of bullish progress in the market. Meanwhile, the SRSI indicator lines remain projected upward, following a recent upside crossover. Therefore, it appears that the 2.0500 price level may soon be breached, and the market could proceed toward the 2.1000 mark.

Make money without lifting your fingers: Start trading smarter today

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News