GBPAUD has been in a downtrend since July 2023, when it reached a high of 1.9752¹.
- The price has been making lower highs and lower lows, forming a descending channel on the weekly chart¹⁸.
- The price is currently facing a strong resistance at 1.9300, which is also the 50% Fibonacci retracement of the July-October decline¹⁹.
- If the price fails to break above this level, it could signal a continuation of the downtrend and a potential target of 1.8700, which is the next support level and the lower boundary of the channel²⁰.
- The price is also below the 50-week and 200-week moving averages, which are both declining and indicate a negative trend²¹.
- The MACD indicator is below zero and shows a bearish momentum²².
- The RSI indicator is below 50 and shows a bearish strength²³.
Therefore, based on these technical factors, I have a bearish outlook for GBPAUD in the medium to long term. However, I also advise you to be cautious of any potential reversal signals or positive news that could affect the pound or the Australian dollar. This is not a financial advice and you should do your own research before making any trading decisions.
Source: Conversation with Bing, 30/10/2023
(1) GBPAUD Chart — Pound to Australian Dollar Rate — TradingView. www.tradingview.com/symbols/GBPAUD/.
(2) GBP AUD Chart - Investing.com. www.investing.com/cu...ncies/gbp-aud-chart.
(3) British Pound to Australian Dollar Exchange Rate Chart | Xe. www.xe.com/currencycharts/?from=GBP&a...
(4) GBP/AUD: Pound - Australian Dollar Rate, Chart & Analysis - DailyFX. www.dailyfx.com/gbp-aud.
- The price has been making lower highs and lower lows, forming a descending channel on the weekly chart¹⁸.
- The price is currently facing a strong resistance at 1.9300, which is also the 50% Fibonacci retracement of the July-October decline¹⁹.
- If the price fails to break above this level, it could signal a continuation of the downtrend and a potential target of 1.8700, which is the next support level and the lower boundary of the channel²⁰.
- The price is also below the 50-week and 200-week moving averages, which are both declining and indicate a negative trend²¹.
- The MACD indicator is below zero and shows a bearish momentum²².
- The RSI indicator is below 50 and shows a bearish strength²³.
Therefore, based on these technical factors, I have a bearish outlook for GBPAUD in the medium to long term. However, I also advise you to be cautious of any potential reversal signals or positive news that could affect the pound or the Australian dollar. This is not a financial advice and you should do your own research before making any trading decisions.
Source: Conversation with Bing, 30/10/2023
(1) GBPAUD Chart — Pound to Australian Dollar Rate — TradingView. www.tradingview.com/symbols/GBPAUD/.
(2) GBP AUD Chart - Investing.com. www.investing.com/cu...ncies/gbp-aud-chart.
(3) British Pound to Australian Dollar Exchange Rate Chart | Xe. www.xe.com/currencycharts/?from=GBP&a...
(4) GBP/AUD: Pound - Australian Dollar Rate, Chart & Analysis - DailyFX. www.dailyfx.com/gbp-aud.