GBPAUD Recovers from Previous Dip

The GBPAUD market has been recovering steadily from previous downward retracements. This recovery appears largely driven by the counterpart currency, with increased speculation. The pound was expected to potentially post a higher figure than previous prints on a quarter-on-quarter (QoQ) basis. The pair has continued its upward trend, remaining in the green for most of the previous week.

Key Price Levels

Resistance Levels: 2.0000, 2.1000, 2.1500

Support Levels: 1.9500, 1.9000, 1.8500

GBPAUD Edges Closer to the 2.1000 Price Level

Price activity in the GBPAUD daily chart spent most of the previous week in the green. The last price candle on the chart is currently testing the middle band of the Bollinger Bands indicator. The Bollinger Bands themselves appear to have contracted slightly.

At the same time, the lines of the Moving Average Convergence Divergence (MACD) indicator are turning sideways near the 0.00 mark. The bars of the indicator are now pale red, suggesting that downward pressure is weakening. Consequently, this indicates that the upward retracement toward the middle Bollinger Band may surpass the resistance at this level.

GBPAUD Experiences Minor Rejection

The GBPAUD market maintains a general upward trend even in the smaller time frames. However, the most recent price candle shows a slight downward retracement based on its appearance. Nevertheless, trading activity remains above the middle Bollinger Band.

The MACD indicator lines are also above the 0.00 mark and appear to be projected upwards. Additionally, the bars of this indicator continue to appear above the equilibrium level, which suggests the market may continue its upward movement. Therefore, it seems likely that the market may breach the 2.0800 level and approach the 2.1000 price level.

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