The GBPAUD currency pair is showing bullish sentiment, bolstered by the prevailing uptrend. The recent intraday price action suggests a corrective sideways consolidation, indicating a potential pause before resuming the upward movement.
Key Trading Levels:
Support Level: The critical support to monitor is 2.0520, which marks the previous consolidation price range.
Upside Targets: A corrective pullback from current levels, followed by a bullish rebound from the 2.0520 level, could set the stage for a move toward the next resistance levels at 2.0650, followed by 2.0720 and 2.0850 over a longer timeframe.
Alternative Bearish Scenario:
A confirmed break below the 2.0520 support level, with a daily close beneath this point, would invalidate the bullish outlook. In this case, the pair may experience deeper retracement, targeting the support levels at 2.0396, 2.0345, and 2.0286.
Conclusion:
While the current sentiment remains bullish, traders should keep a close watch on the 2.0520 support level. A successful bounce could reinforce the uptrend, while a breakdown and close below this level would indicate a shift to a bearish outlook, warranting caution and potential repositioning.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Trading Levels:
Support Level: The critical support to monitor is 2.0520, which marks the previous consolidation price range.
Upside Targets: A corrective pullback from current levels, followed by a bullish rebound from the 2.0520 level, could set the stage for a move toward the next resistance levels at 2.0650, followed by 2.0720 and 2.0850 over a longer timeframe.
Alternative Bearish Scenario:
A confirmed break below the 2.0520 support level, with a daily close beneath this point, would invalidate the bullish outlook. In this case, the pair may experience deeper retracement, targeting the support levels at 2.0396, 2.0345, and 2.0286.
Conclusion:
While the current sentiment remains bullish, traders should keep a close watch on the 2.0520 support level. A successful bounce could reinforce the uptrend, while a breakdown and close below this level would indicate a shift to a bearish outlook, warranting caution and potential repositioning.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.