Speculation surrounding the British pound has pushed the GBPAUD pair further downward. The UK’s GDP (MoM) is expected to show improvement compared to previous figures. Meanwhile, in Australia, investors are anticipating the release of the Westpac Consumer Confidence data, though no bold positions have been taken yet.
Key Levels
Resistance: 2.100, 2.150, 2.200
Support: 2.050, 2.000, 1.950
GBPAUD Breaches Key Baseline
Price action in the GBPAUD market continues to move lower. As a result, the pair has just fallen below the middle band of the Bollinger Bands (BB) indicator. The most recent price candle on the daily chart remains below this middle band, marking three consecutive bearish sessions.
However, the BB indicator remains relatively narrow, suggesting low volatility. The Smoothed Rate of Change (SROC) indicator line is testing the equilibrium level, indicating that price momentum is currently subdued.
GBPAUD Market Eyes Further Descent
With GBPAUD still trading in the red, price activity appears set to test the support at the lower band of the BB indicator. The Bollinger Bands are currently widened, with the terminal ends beginning to point downward—suggesting that bearish momentum is gaining strength.
At the same time, the SROC indicator line has just dipped below the equilibrium level, and the terminal portion of the line has turned red, signaling weakening momentum. Therefore, traders may set their sights on the 2.0600 price level as a near-term target.
Make money without lifting your fingers: Start trading smarter today
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
