The GBPAUD market closed in the green on Friday. This seemed to be particularly aided by better-than-expected retail sales. With the S&P Global Manufacturing PMI Flash yet to arrive, price action in the market has already occupied a promising position. As a result, the market may rise further shortly.
Key Price Levels:
Resistance Levels: 2.0000, 2.0200, 2.0400
Support Levels: 1.9500, 1.9000, 1.8500
GBPAUD Pips Through the 20-Day MA
As mentioned, the GBPAUD market maintained positive momentum, closing the previous week in the green. Consequently, the current price of the pair lies above three out of the four Moving Average (MA) lines on the chart.
Additionally, the Stochastic RSI lines are projected upward following a bullish crossover above the 50 threshold of the indicator. Given the extension of the RSI lines after the crossover and the recorded gains, it appears that upside forces are quite strong and may propel prices higher.
GBPAUD Market Eyeing the 2.00 Mark
It has been a while since price action started eyeing the price ceiling at the 2.000 mark. Once again, price action has resurfaced above all the MA lines on this chart. The 20, 50, and 200 MA lines are converging below all price movements.
The last price candle on the chart currently places the market above the 100-day MA line, which is positioned above all other MA lines. Similarly, the Stochastic RSI lines are rising steeply into the overbought region. Therefore, while keeping tabs on fundamentals, traders may target 1.9950 for short-term profits.
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