GBPAUD Turns Bearish After Major Support Break – Eyes on 2.05110
The GBPAUD pair has broken decisively below the key support zone at 2.07000, which previously acted as a base for multiple rebounds. This breakdown confirms bearish momentum and opens the path toward deeper retracement levels.
📉 Technical Breakdown:
- Price has closed below the 0.786 Fibonacci level (2.07778), signaling continuation.
- The next measured support target lies near 2.05110, aligning with the 1.618 Fibonacci extension and historical demand structure.
- RSI continues trending downward, showing no signs of bullish divergence, indicating sustained selling pressure.
📰 Fundamental Backdrop:
- Recent Australian CPI data came in stronger than expected, reinforcing RBA’s hawkish stance. This supports AUD strength.
Meanwhile, the UK economic outlook remains fragile due to inflation uncertainty and soft retail data.
Rising expectations that RBA may pause cuts or hike sooner vs. a dovish BOE adds fuel to this downside move.
🔍 Outlook & Trade Plan:
- Bias: Bearish below 2.07000
- Target Zone: 2.05110 (short-term)
- Confirmation: Price sustains below broken support, with pullbacks rejected near 2.07000
- Invalidation: Bullish breakout back above 2.07778 zone with strong volume
This zone breakdown is technically clean and backed by macro sentiment. I’ll monitor price action closely if a minor retest toward 2.07000 occurs, to consider entering a sell on rally setup.
Trade active
Trade closed: target reached
Price Reached Target Zone: 2.05110 
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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.