The GBPAUD market continues to decline toward lower price levels. This weakness appears to stem from worse-than-expected Retail Sales MoM data—which came in at 0.9%, falling short of the 1.2% forecast. Meanwhile, Australia’s economic performance remains strong, generating headwinds for the pair. These factors may influence the market’s direction for further downside movement.
Key Levels
Resistance: 2.100, 2.150, 2.200
Support: 2.000, 1.950, 1.900
GBPAUD Stays Bearish
The GBPAUD market has pulled back below a significant technical level. Over the past three sessions, price action has declined beneath the midline of the Bollinger Bands (BB) indicator—an indication that bearish sentiment remains dominant. The BB indicator itself is now sloping downward, reinforcing the bearish bias.
The Smoothed Rate of Change (SROC) indicator line has dropped below the equilibrium level and continues its descent, further confirming that bearish momentum is in control.
Bears Retain Control
Even on shorter timeframes, such as the 4-hour chart, bearish pressure remains evident. The latest price candle is red and positioned below the BB midline. The Bollinger Bands also show a steeper downward slope, signaling accelerating downside momentum.
Likewise, the SROC indicator lines remain below the equilibrium level and continue on a gentle downward trajectory. Given the current setup, traders may want to keep their focus on the 2.000 support level, which could be tested again in the near term.
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