GBPAUD Sees a Rejection Near 2.0800

With the RBA interest rate meeting expectations, the GBPAUD market has posted minimal gains. The RBA interest rate remained at 4.1%, aligning with market forecasts. Consequently, this allowed the AUD to gain against the British pound, causing a slight downward retracement, though the pound remained stable.

Key Price Levels

Resistance Levels: 2.0800, 2.1000, 2.1100

Support Levels: 2.0500, 2.0000, 1.9500

GBPAUD Bulls Stay at an Advantage

The GBPAUD daily market generally maintains an upward trajectory. Despite the minor retracement, price action remains significantly above all Moving Average (MA) lines. Similarly, the Rate of Change (ROC) indicator is already above the equilibrium level.

However, the terminal of the indicator line has a downward slope. The indicator is currently at the 0.98 threshold level. Despite the bearish retracement, it still appears to be a minor pullback.

GBPAUD Market Bulls Try to Stay in Charge

Trading activity continues above all MA lines, even on the 4-hour time frame. The last price candle appears red but has posted only minimal losses while remaining above all MA lines. At the same time, the ROC indicator line appears to be shifting direction while still hovering just above the equilibrium level.

As a result, the terminal of the indicator is taking on an upward trajectory, now at the 0.35 mark. Although the market is near bearish territory on the ROC, its consistent position above the equilibrium level on both the daily and 4-hour charts suggests that the market may continue upward toward the 2.0750 price level.

Make money without lifting your fingers: Start trading smarter today