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Technical Analysis – GBPAUD flags more losses ahead; eyes 200-SMA
November 2, 2023 11:27 amVideo
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GBPAUD erases latest rebound ahead of BoE rate decision
Bearish bias strengthens; focus turns on 200-day SMA
GBPAUD surrendered all its October gains following the rejection near its 50-day simple moving average (SMA), and is currently flirting with September’s low of 1.8856.
The 200-day simple moving average (SMA) is also in sight at 1.8795, as the downward trajectory in the RSI and the MACD points to more losses ahead. The recent close below the support trendline from September 2022 is adding to the negative risks.
Hence, if the bears cross below the 200-day SMA, the next battle could take place within the familiar constraining zone of 1.8500-1.8600. A continuation lower would worsen the outlook, likely causing a sharper decline towards the important base of 1.8270.
In the event of an upside reversal, the bulls will have to face the broken support trendline at 1.9130 and the short-term descending trendline from August’s peak at 1.9200. A successful penetration higher could immediately halt within the 1.9340-1.9440 region. Otherwise, the recovery could stretch up to the 1.9540 zone.
All in all, GBPAUD is at risk of another bearish round as the technical signals are unfavorable. A decisive close below the 200-day SMA at 1.8795 is expected to renew the selling appetite.
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