GBPAUD Stages a Strong Upward Rebound

The GBPAUD market has bounced off the baseline at the 2.0300 price level. The pair appears to have thrived on the fact that the United Kingdom maintains a more stable outlook on the fundamental front, as the unemployment rate is forecast to remain unchanged. On the Australian side, however, there are more fundamental factors at play but fewer speculative influences. Consequently, this has provided some thrust to the market, propelling prices higher.

Key Levels

Resistance: 2.100, 2.250, 2.500

Support: 2.050, 2.000, 1.950

GBPAUD Market Sees a Surge

The GBPAUD market had been retracing to lower price levels for an extended period on the longer-term chart. A trend shift became noticeable as soon as price action tested the 2.0300 level. Following a phase of consolidation around this point, the market eventually rebounded upward, recovering losses accumulated over nearly two weeks.

Currently, the pair trades at a significant distance above the 9-day Exponential Moving Average (EMA) line. Similarly, the Stochastic Relative Strength Index (SRSI) indicator lines are approaching a bullish crossover just above the 50 threshold. At this stage, it appears the market may continue to recover further to the upside.

GBPAUD Buyers Are Dominating

Price activity on the 4-hour GBPAUD chart maintains a strong bullish tone. The latest price candle indicates that the market closed in favor of buyers, as price action remains well above the 9-day EMA line.

However, it is worth noting that some downward forces are still present, although the upside momentum remains dominant. The SRSI indicator lines have formed an upward crossover in the oversold region, and the ensuing movement continues to push higher. Therefore, the market may proceed toward the 2.0800 level and potentially higher thereafter.

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