GBPAUD Edges Past a Key Technical Mark

The GBPAUD market has managed to gather some momentum in anticipation of the Retail Sales MoM data. However, with the figures coming in weaker than expected at -1.1%, this posed a setback to upward progress. Nevertheless, the market has the needed technical and fundamental base to extend higher, especially with more impactful data still ahead.

Key Levels

Resistance: 2.0500, 2.1000, 2.1500

Support: 2.0000, 1.9500, 1.9000

GBPAUD Bulls Get Forced Down

While Thursday’s trading session in the GBPAUD market was profitable, Friday’s session opened on a weaker note. As trading progressed, bearish sentiment strengthened and eventually took over the session. This caused the pair to close in the red, resulting in an inverted hammer-shaped candle.

Despite this, the pair still trades above the 9-day Exponential Moving Average (EMA) curve. In addition, the Stochastic Relative Strength Index (SRSI) indicator lines remain above the 80 mark and continue to trend upward. This strongly hints at the possibility of a bullish continuation.

GBPAUD Consolidates Above 2.0200

On the GBPAUD 4-hour chart, price action appears to have found a strong baseline. Meanwhile, the SRSI indicator lines are also positioned above the 80 threshold, though they are tilting slightly downward toward the 80 level. The last three price candles have moved mostly sideways above the 9-day EMA curve.

Consequently, this supports the view that price action may have established a firm base. Traders can monitor upcoming economic developments that may trigger an upward rebound from this level toward the 2.1000 price target.

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