The Australian economy awaits a significant amount of fundamentals at a time when the pound seems quite tranquil. However, the speculations surrounding the Aussie appear to be burdening the GBPAUD market, causing it to dip further.
Key Levels
Resistance: 2.0200, 2.0450, 2.0700
Support: 2.0100, 1.9800, 1.9700
GBPAUD Bears Breach a Strong Base
While the GBPAUD market has been retracing to lower price levels over the past two sessions, the ongoing session has extended the trend, pushing price action to deeper lows. As a result, the pair now trades below the 9-day Exponential Moving Average (EMA) line.
Similarly, the applied Stochastic Relative Strength Index (SRSI) indicator lines have delivered a downward crossover in the overbought region, and the ensuing lines have fallen below the 80 mark. This suggests that downward forces are gaining stronger control of the market and may drive further retracements.
GBPAUD Prepares for a Drag
The GBPAUD market continues heading downward even on the 4-hour chart. Recent price candles can be seen sliding below the 9-day EMA curve. Likewise, the SRSI indicator lines are deep in the oversold region.
The lead line has already dropped to the 0.00 level, and the lagging line follows closely as it falls deeper into the oversold zone.
Therefore, this market may still proceed lower over subsequent sessions, potentially moving toward the 2.0000 price level.
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