GBPAUD Breaks Above Key Technical Levels

The GBPAUD market has managed to break higher after experiencing significant dips over the past two weeks. This recovery appears largely driven by a quieter Australian side of the market and a more speculative British pound. Based on the pair’s daily chart, the market may gain further momentum toward higher price levels.

Key Price Levels

Resistance Levels: 2.1000, 2.1500, 2.2000

Support Levels: 2.0000, 1.9500, 1.9000

GBPAUD Rebounds from a Strong Base

GBPAUD’s Price action recently touched down at the support level formed by the 20-day Moving Average (MA) line. However, this support held firm, and price action is now rebounding upward.

The most recent price candle appears green with a noticeable body, indicating renewed bullish activity. As a result, price action now stands above all the MA lines. Additionally, the Stochastic Rate of Change (SROC) indicator lines are positioned above the equilibrium level and are currently trending sideways, maintaining bullish momentum.

GBPAUD Appears Trapped on Shorter Time Frames

On the 4-hour chart, price activity in the GBPAUD market seems somewhat tangled. The last three price candles have appeared between the intersecting 100- and 200-day MA lines. The candles have alternated between bearish and bullish formations, though bullish candles appear to be more dominant upon closer inspection.

This suggests that the market has been slowly but steadily retracing toward higher price levels. Furthermore, the SROC indicator line is now approaching a break above the equilibrium level, which may indicate further upside movement. The pair could potentially advance toward the 2.1000 and 2.1100 price levels.

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