You are here: Home > articles > Forex > Technical Analysis – GBPAUD hovers near lower boundary of trading range
Technical Analysis – GBPAUD hovers near lower boundary of trading range
June 10, 2019 9:25 amVideo
Latest News
- Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 3, 2024
- Trading Signals for GOLD for May 3-5, 2024: sell below $2,320 or below $2,300 (21 SMA – 200 EMA) May 3, 2024
- Technical Analysis – GBPUSD advances above descending trendline May 3, 2024
- USD experiences day X May 3, 2024
- Bitcoin licks wounds as Fed comes on the rescue – Crypto News May 3, 2024
- GBP/USD: trading plan for the US session on May 3rd (analysis of morning deals). The pound is preparing to get out of the May 3, 2024
- EUR and GBP may drop May 3, 2024
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
- EUR/USD: Simple trading tips for novice traders on May 3rd (US session) May 3, 2024
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
GBPAUD has been trading in a consolidation area since February 19, with upper boundary the 35-month high of 1.8880 and lower boundary the two-month low of 1.8100. Currently, the price is edging slightly higher, with the short-term momentum indicators signaling a bullish bias. The RSI is pointing up in the negative territory, while the stochastic is moving towards the overbought area.
The 20-day simple moving average (SMA) near the 1.8305 resistance could halt upside movements ahead of the 40-day SMA at 1.8385. Crossing above this area, the buying interest could turn more aggressive, with the bulls probably targeting the 23.6% Fibonacci retracement level of the upleg from 1.7220 to 1.8880 near 1.8485.
Should the market change direction to the downside, support could initially emerge between 1.8100-1.8043, which overlaps with the 50.0% Fibonacci. Even lower, a rally lower could find an obstacle at the 1.7990 region.
Concluding, investors should wait to see a drop below 1.8100 for bearish actions or a climb above 1.8880 for bullish orders.
Related Posts: