GBPAUD Spirals Downward on GDP Differences

Both the UK and Australia are striving to achieve economic stability. However, Australia appears to have recorded more notable GDP growth. The UK has seen a GDP growth of only 0.1%, while Australia achieved a growth of 0.3%. This disparity has caused the GBPAUD market to trend downward, as the AUD has gained momentum in the market.

Key Price Levels:

Resistance Levels: 1.9800, 2.0000, 2.2000

Support Levels: 1.9600, 1.9400, 1.9200

GBPAUD Bears Keep a Firm Grip on Price Action

Price activity in the GBPAUD market has been dynamic in recent months. The market has generally been in an uptrend originating in February last year (2024). However, more recently, price action has retraced to lower levels, falling below the 20- and 50-day Moving Average (MA) lines.

The last price candle currently stands just above the 100-day MA line. Meanwhile, the Stochastic Relative Strength Index (RSI) lines are dragging near the 0.00 mark, indicating that price action is strongly influenced by bearish momentum.

GBPAUD Market Continues Toward 1.9600 Mark

Even in shorter time frames, the GBPAUD market continues to exhibit strong bearish activity. On the 4-hour chart, price action is moving downward along a declining trend line. Additionally, the price remains below all the MA lines on the chart. The latest price candle is red, signifying that bears have more influence than bulls in the current session.

Furthermore, the Stochastic RSI lines are trending downward after a bearish crossover above the 60 level, suggesting continued bearish momentum. Technically, this indicates that price action may proceed through the 1.9600 baseline. The market could even approach the 1.9500 mark if the 1.9600 level is breached.

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