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The FxPro Analyst Team

FxPro Forex Analysis: GBPAUD

The GBPAUD pair has retraced part of the selloff from May and is approaching resistance ahead of 1.80000 while leaning on the rising supporting trend line from the June lows. The 1.79947 level halted the advance in February and is a key level for this pair. Resistance overhead comes in at 1.81695 which provided support for price through April and can be a solid area until price breaks above and potentially converts it to support. The high for 2018 comes in at 1.85062 with previous resistance just above at 1.85193 the target for the next leg higher.

Support for the pair comes at the combination of the 50 DMA at 1.78390 and the 100 DMA and rising trend line at 1.78178. The 1.78000 level is also supportive and this block of levels can see strong buying. However a break under the area can force buyers to close positions and can result in a drive to the 200 DMA at 1.76367 or the 1.76000 level itself. This level has seen consolidation in the recent past with dips to the June low at 1.73900 being bought. The 2018 low is found at 1.70962.

GBPAUD