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    Technical Analysis – GBPAUD stuck below cloud with downside bias

    GBPAUD continued its attempt to claw back losses from its recent correction. But with prices below the Ichimoku cloud and the 50-day moving average, the near term outlook is slightly bearish until additional confirmation that the longer-term uptrend will resume. Also, RSI has yet to cross above 50, suggesting the pair has yet to gain enough positive momentum for a stronger rally.

    The bottom of the cloud is the nearest resistance level at 2.1328. A rise into the cloud would take prices within range of the 50-day moving average and shift the outlook to a more positive one. To the downside, the October 15 low of 2.0788 is the nearest support level to watch out for. A break below this level would strengthen the short-term downside bias. However, the longer-term outlook is likely to remain bullish as long as GBPAUD holds above the 200-day moving average.

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