GBPAUD May Stay on the Current Trend

With interest rates on both sides of the GBPAUD pair expected to remain unchanged, price action in this market may continue sliding toward lower levels. The ongoing session is represented by a green price candle, but its technical position suggests a generally bearish path.

Key Levels

Resistance: 2.0500, 2.1000, 2.1500

Support: 2.0000, 1.9500, 1.9000

GBPAUD Remains Under Bearish Sentiment

The GBPAUD market has declined significantly, largely due to growing speculation surrounding the Australian economy. This has triggered a strong downward correction, bringing the market below the 9-day Exponential Moving Average (EMA). The latest price candle remains below the 9-day EMA, indicating that bearish forces continue to dominate.

The lines of the Stochastic Relative Strength Index (SRSI) indicator are deeply positioned in the oversold zone. Additionally, with the recent green candle, a convergence of the SRSI lines can be seen within the oversold region. Despite this, the market maintains its bearish outlook.

Downward Forces in the GBPAUD Market Shape the Near-Term Outlook

Examining the GBPAUD market on the 4-hour chart further reinforces the expectation that price action may continue lower.

The most recent candle appears red and has dropped below the 9-day EMA. Meanwhile, the SRSI indicator lines are trending sideways in the overbought region, suggesting that bullish momentum has limited space to develop. Consequently, price action may extend below the 2.0000 level and possibly move further toward the 1.9750 mark.

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