Investors in the GBPAUD market are already betting against the pound. This seems to be a result of the aftermath of market anticipation of a softer interest rate, as well as expectations of other weaker fundamentals for the pound. A more careful examination of the market lies below.
Key Levels
Resistance: 2.0500, 2.1000, 2.1500
Support: 2.0000, 1.9500, 1.9000
GBPAUD Sees a Short-Term Retreat
Although the GBPAUD edged higher on Thursday, the market quickly saw a reversal to that effect. On Friday, trading activities took a dip, as revealed by the corresponding price candle.
As a result, this pair now trades below the 9-day Exponential Moving Average line. Nevertheless, the lines of the Stochastic Relative Strength Index (SRSI) indicator retain a general upward trajectory toward the 80 mark of the indicator.
GBPAUD Short-Term Outlook Appears Fair
On a GBPAUD 4-hour market chart, it appears that traders have been taking short-term stances. The last price candle on the chart sharply returns the market back above the 9-day Exponential Moving Average (EMA) curve.
The mentioned price candle stays green. Meanwhile, the SRSI indicator lines have what could be called a downward crossover just below the 9-day Exponential Moving Average (EMA) line. Consequently, price action in this market seems a bit unstable. Therefore, traders can wait until price action finds a base above the 9-day EMA curve before aiming at the 2.1000 price mark.
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