GBPAUD maintains a bullish bias. The pair hit a fresh 6-year high this week to peak at 2.1248. The tenkan-sen is above the kijun-sen and both lines are rising, so this supports the upside momentum. The Ichimoku cloud and the 200-day moving average are both rising as well, which are supportive of a bullish trend. Only a break below the key 2.0000 level would weaken the bullish bias.
In the near-term we could see some consolidation as the RSI has reached overbought levels at 70. But the bullish trend would likely resume after a break above the 2.1248 high. Immediate support to the downside lies at 2.0892.
Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.