You are here: Home > articles > Forex > Technical Analysis – GBPAUD eases below 38.2% Fibonacci; bearish correction in near term
Technical Analysis – GBPAUD eases below 38.2% Fibonacci; bearish correction in near term
December 10, 2018 2:25 pmVideo
Latest News
- Analysis of GBP/USD pair on May 2nd. The final chord for the dollar May 2, 2024
- Analysis of EUR/USD pair on May 2nd. The market calmly responded to the FOMC meeting May 2, 2024
- Technical Analysis – GBPJPY returns to pre-intervention levels May 2, 2024
- JPY terrifies traders May 2, 2024
- Fed makes tough decision May 2, 2024
- USD/JPY: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- EUR/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: trading plan for the US session on May 2nd (analysis of morning deals). The pound was pushed below 1.2521 May 2, 2024
- EUR/USD: trading plan for the US session on May 2nd (analysis of morning deals). Euro bought around 1.0700 May 2, 2024
- EUR/USD. May 2nd. US statistics disappoint once again May 2, 2024
- Technical Analysis – EURUSD capped by 20-day SMA as rebound falters May 2, 2024
- Forex forecast 05/02/2024: EUR/USD, USD/JPY and Gold from Sebastian Seliga May 2, 2024
- USD/JPY: trading tips for beginners for European session on May 2 May 2, 2024
- GBP/USD: trading tips for beginners for European session on May 2 May 2, 2024
- EUR/USD: trading tips for beginners for European session on May 2 May 2, 2024
- Market Comment – Dollar slides as Powell rules out rate hikes May 2, 2024
- RBA decision: will a rate hike be back on the table? – Preview May 2, 2024
- Video market update for May 02, 2024 May 2, 2024
- Technical Analysis – Bullish pressure in AUDUSD lingers May 2, 2024
GBPAUD rebounded after touching 11-month lows at 1.1720, near the 50% Fibonacci retracement level of the upleg from 1.5725 to 1.8730 on December 3. A week later though, the pair is reversing lower again, back below the 38.2% Fibonacci, with the RSI suggesting further weakness to come in the short term; the indicator returned to bearish territory after failing to break above its 50 neutral mark. On the other hand, the MACD keeps gaining ground above its red signal line, supporting that the pair may resume upside. Yet as long as the index holds negative, downside movements are more likely.
If the price manages to regain today’s losing ground, the pair could challenge again the 1.7745 obstacle. An upside penetration of this barrier could drive the market until the 1.7820 resistance, registered on November 21. More advances could meet the 23.6% Fibonacci mark of 1.8015.
Alternatively, if the pair continues to lose below the 38.2% Fibonacci of 1.7575, support could be found at the eleven-month low of 1.7220. The next stop for investors to have in mind is the 1.7090 mark, reached on January 11.
To sum up, GBPAUD is in bearish correction mode today, but if it continues this tendency breaking the bottom at 1.7220, the long-term outlook would turn even more bearish.
Related Posts: