GBPAUD Bulls Stay Strong

The GBPAUD has continued on a much stronger upward path since the release of the UK unemployment data. The figures came in nearly as expected, with only a minor difference—now 47, up from the previous 46. Meanwhile, the market still anticipates the RBA Meeting Minutes, but there is currently no speculation surrounding this data. In the meantime, let’s examine how this pair may perform.

Key Levels

Resistance: 2.100, 2.150, 2.200

Support: 2.050, 2.000, 1.950

GBPAUD Approaches the 2.100 Mark

Upside corrections in the GBPAUD market had been notably subdued in recent sessions. However, today’s trading activity has produced a more convincing upward movement.

Despite this, price activity remains below the middle band of the Bollinger Bands (BB) indicator. Be that as it may, the Smoothed Rate of Change (SROC) indicator line is now turning upward from below the equilibrium level.

Technically, this suggests that bullish momentum remains active, and the pair may see a notable price increase—provided no significant contrary fundamentals emerge.

GBPAUD Registers a Modest Retracement but Remains Well Afloat

Extending the GBPUSD price analysis to the 4-hour chart, price action has broken through the uppermost limit of the BB indicator. The last two price candles are bearish but show minimal price decline while remaining above the BB’s upper band.

At the same time, the SROC indicator line continues on an upward trajectory above the equilibrium level.

Although the market may experience a short-term pullback below the BB’s upper band, the overall upward correction is likely to persist, with the 2.150 price level as the next potential target.

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