GBPAUD Resurfaces Above 2.0500

The GBPAUD market has continued its upward movement after previously dipping below the 2.0500 price level. This may largely be attributed to increased speculation surrounding the British pound. Investors will be closely watching key economic data, including the S&P Global Services PMI, year-over-year inflation rate (YoY), and month-over-month retail sales (MoM).

Key Price Levels
Resistance Levels: 2.1000, 2.1500, 2.2000
Support Levels: 2.0500, 2.0000, 1.9500

GBPAUD Remains on Track for Higher Price Levels

On the GBPAUD 24-hour chart, price activity was mostly bullish throughout the previous week. As a result, the market closed in the green on Friday, resurfacing above the 2.0500 price level. Additionally, trading remains above all Moving Average (MA) lines.

Meanwhile, the Stochastic RSI lines are rising following an upside crossover in the oversold region. From a technical standpoint, with price action still positioned above most MA lines, further upward movement is likely.

GBPAUD Market Targets New Highs

In the GBPAUD 4-hour chart, price action continues to hold above the MA lines. The last three price candles are green, indicating that bullish momentum is still in play. Similarly, the Stochastic RSI indicator lines are in the overbought region, maintaining an upward trajectory after an upside crossover above the 70 level.

Considering the signals from both the daily and 4-hour charts, this market is likely to record further gains toward the 2.0800 price level.

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