GBPAUD Continues to Gather Modest Gains

As the British pound continues to garner a myriad of fundamental supports, it has acquired a shine that keeps attracting investors’ attention. As a result, the GBPAUD has been able to sustain its modest upward retracement. A more detailed look at the pair’s price action is provided below.

Key Levels

Resistance: 2.100, 2.150, 2.200

Support: 2.000, 1.950, 1.900

GBPAUD Posts Modest Gains to Stay Afloat

The GBPAUD daily chart reveals that the market has been able to maintain its moderate upward retracement. The price candle corresponding to the ongoing session shows price action testing the uppermost band of the Bollinger Bands (BB) indicator. The upper band of the BB indicator is seen dilating to accommodate price movement.

Additionally, the latest Stochastic Relative Strength Index (SRSI) lines are now merged in the overbought region. However, the terminal part of the indicator lines is moving sideways at the 100 level. Given the fact that the pair has key economic news on the horizon, this could support further buying activity in the market.

GBPAUD Bulls Show Resilience

Price activity on the GBPAUD 4-hour chart indicates that bulls remain persistent. The latest price candle on this chart is a green one, keeping price action close to the uppermost band of the BB indicator. The BB indicator itself is tilted upward as price action holds above the middle band.

Meanwhile, the SRSI indicator lines are moving upward from below the 60 level, suggesting growing bullish momentum. Consequently, traders may consider holding short-term bullish positions toward the 2.1200 price level.

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