XM Group - Analytics

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    Technical Analysis – GBPAUD bullish at 6-year highs

    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.

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