GBPAUD Isn’t Ready to Give Up on Breaching the 2.1000 Price Mark

Price activity in the GBPAUD market has been attempting to recover from a previous pullback. However, the resistance ahead remains quite firm, as price action has repeatedly tested the 2.1000 price level. Let’s examine the chances of this market breaching that medium-term resistance.

Key Price Levels

Resistance Levels: 2.1000, 2.1400, 2.1700

Support Levels: 2.0000, 1.1800, 1.1600

GBPAUD Stays Focused on the 2.1000 Price Level

The latest price candle on the GBPAUD chart suggests that price action remains in the green and stands above the 9-day Exponential Moving Average (EMA) line. Similarly, the Moving Average Convergence Divergence (MACD) lines are trending toward a bullish crossover at the equilibrium level.

The MACD histogram bars also appear pale red, as opposed to the previous solid red, which indicates weakening bearish momentum. Altogether, these signs suggest that bullish forces still retain a notable degree of control.

GBPAUD Hits a Brick Wall

On the 4-hour chart, price action has shown signs of rejection at the resistance zone, as evidenced by the most recent candle. Nevertheless, the price remains above the 9-day EMA line. The MACD indicator also maintains an upward trajectory, with the lead line having breached the equilibrium level.

However, the latest histogram bar is pale green, hinting at potential weakening momentum. Consequently, this development casts some doubt on the market’s ability to breach the medium-term resistance at the 2.1000 level. Still, traders may continue to target this level while staying attentive to market sentiment and any news that could provide a positive catalyst.

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