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    Technical Analysis – GBPAUD breaks above 50-day moving average

    GBPAUD jumped to a 2-week on Monday to reach 1.9732 after a successful break above the 50-day moving average which was previously acting as resistance. Prices also rose above the 50% Fibonacci retracement level of the rise from 1.8292 to 2.0533. This level lies at 1.9408.

    The market is now testing the 38.2% Fibonacci level at 1.9672. The daily momentum shows potential for more upside as the RSI has popped above the 50 level into bullish territory. A successful daily close above the 38.2% Fibonacci will open the way for a rise towards the 23.6% Fibonacci at 2.0000. Prices would need to break above this level to shift back to a more bullish bias and to see a resumption of the uptrend that started from 1.8292 to 2.0533.

    Alternatively, a fall below the 50% Fibonacci would see a retest of last week’s low of 1.9033 and a greater risk for further downside moves towards the April low of 1.8292.

    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.


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