GBPAUD Deviates From Expected Steeper Falls

The GBPAUD market had recently fallen below key technical levels. However, price action soon rebounded from the support at the 2.0300 price level. From this outlook, the market appears set to register further upside movement as trading activity continues.

Key Levels

Resistance: 2.0750, 2.1250, 2.1750

Support: 2.0000, 1.9500, 1.9000

GBPAUD on the Verge of Gaining More Momentum

The ongoing upside retracement in the GBPAUD market has been active since the previous session. The latest price candle on the chart, representing the current session, is positioned closely along the 9-day Exponential Moving Average (EMA) line.

Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines had earlier descended toward the 50 threshold, but the lead line has now converged in preparation for an upward crossover. Considering the positioning of the latest price candle on the chart, price action seems likely to continue pushing higher.

GBPAUD Buyers Set the Stage for More Profits

Extending the analysis to the 4-hour chart, it becomes clear that bullish forces have triggered the necessary shift toward more price increases. Trading activity here is occurring above the 9-day EMA line, in contrast to its earlier positioning below it on the daily chart.

Meanwhile, the SRSI indicator lines have been trending upward after aborting a downward crossover, and they remain just below the 80 mark. At the same time, the lead line of the SRSI has advanced into the overbought region. This development supports the view of a sustained upside retracement, with the 2.100 price level serving as the next potential target.

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