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 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 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.
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