GBP/AUD Edges Higher Amid Risk-On Sentiment, Eyes Economic Data

Market Overview:
GBP/AUD has shown signs of recovery this Monday, bolstered by a modest improvement in risk appetite globally. The Australian dollar faces some pressure due to mixed domestic economic signals and external factors such as cautious investor sentiment on China’s growth prospects. Meanwhile, the British pound is supported by steady housing data, despite some softness seen in Rightmove’s monthly house price index.
Technical Analysis:
The pair is likely to extend its upward momentum towards the Fibonacci extension targets at 2.0639 (127.20%), 2.0650 (141.40%), and 2.0659 (161.80%). The RSI at 57 indicates mild bullish strength without being overbought, while the MACD histogram is positive and widening, suggesting strengthening bullish momentum. Stochastic oscillators are in the overbought territory but not yet showing signs of reversal.
Alternative Scenario:
If the pair fails to sustain above the trend channel resistance and key Fibonacci extensions, a retracement back to the support zone around 2.0604-2.0580 is possible.
GBP/AUD has shown signs of recovery this Monday, bolstered by a modest improvement in risk appetite globally. The Australian dollar faces some pressure due to mixed domestic economic signals and external factors such as cautious investor sentiment on China’s growth prospects. Meanwhile, the British pound is supported by steady housing data, despite some softness seen in Rightmove’s monthly house price index.
Technical Analysis:
The pair is likely to extend its upward momentum towards the Fibonacci extension targets at 2.0639 (127.20%), 2.0650 (141.40%), and 2.0659 (161.80%). The RSI at 57 indicates mild bullish strength without being overbought, while the MACD histogram is positive and widening, suggesting strengthening bullish momentum. Stochastic oscillators are in the overbought territory but not yet showing signs of reversal.
Alternative Scenario:
If the pair fails to sustain above the trend channel resistance and key Fibonacci extensions, a retracement back to the support zone around 2.0604-2.0580 is possible.
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.
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.