GBPAUD (1H) – short term bearish bias
The pound sterling continues to retreat across the board ahead of the BoE meeting on Thursday. The RSI divergence following the price’s over-extension indicated that the upward momentum was losing speed. The break of the support level of 1.9280 was a major confirmation that there is a lack of optimism in the market prompting buyers to take profit. As selling pressures intensify, we may expect the pair to drop to the 20-day moving average near 1.9100.
Key support: 1.9100
Key resistance: 1.9360
The pound sterling continues to retreat across the board ahead of the BoE meeting on Thursday. The RSI divergence following the price’s over-extension indicated that the upward momentum was losing speed. The break of the support level of 1.9280 was a major confirmation that there is a lack of optimism in the market prompting buyers to take profit. As selling pressures intensify, we may expect the pair to drop to the 20-day moving average near 1.9100.
Key support: 1.9100
Key resistance: 1.9360
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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.