The GBPAUD market has extended its winning streak, with price action maintaining a general upward trajectory. This upward momentum appears to be supported by challenges in the Australian economy, such as housing concerns, while the UK remains relatively stable. Let’s take a closer look at this market below.
Key Price Levels:
Resistance Levels: 2.0500, 2.1000, 2.1500
Support Levels: 2.0000, 1.9500, 1.9000
GBPAUD Bulls Are Marching On
Price activity in the GBPAUD daily market has continued its upward trend since the start of the previous week. Moreover, the market has sustained bullish pressure, with price action rising above all the Moving Average (MA) lines.
However, while Friday’s session closed in the green, it appears to have faced some selling pressure from short traders. Nonetheless, price activity remains well above all MA lines. Additionally, the Stochastic Relative Strength Index (RSI) lines are positioned in the overbought region and are now moving sideways around the 100 mark. Meanwhile, the 20-day and 50-day MA lines are converging for a crossover below price action, signaling the potential for a continued uptrend.
GBPAUD Bulls Shows Signs of Exhaustion
In the GBPAUD 4-hour market, price activity indicates signs of bullish exhaustion. The final 4-hour session on Friday deviated slightly from the uptrend, as a red price candle emerged, signaling selling pressure.
Despite this, price action remains above all MA lines. However, the appearance of the latest price candle suggests that bearish forces may prevail in the short term, with the pair retracing toward the opening level of the previous session. Likewise, the Stochastic RSI lines are now falling toward the 80 mark, indicating a potential pullback. Therefore, traders can anticipate that price action may need to find support above the 2.0200 level before the uptrend can resume.
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