GBPAUD INTRADAY key trading level at 2.0520The GBPAUD currency pair is showing bullish sentiment, bolstered by the prevailing uptrend. The recent intraday price action suggests a corrective sideways consolidation, indicating a potential pause before resuming the upward movement.
Key Trading Levels:
Support Level: The critical support to monitor is 2.0520, which marks the previous consolidation price range.
Upside Targets: A corrective pullback from current levels, followed by a bullish rebound from the 2.0520 level, could set the stage for a move toward the next resistance levels at 2.0650, followed by 2.0720 and 2.0850 over a longer timeframe.
Alternative Bearish Scenario:
A confirmed break below the 2.0520 support level, with a daily close beneath this point, would invalidate the bullish outlook. In this case, the pair may experience deeper retracement, targeting the support levels at 2.0396, 2.0345, and 2.0286.
Conclusion:
While the current sentiment remains bullish, traders should keep a close watch on the 2.0520 support level. A successful bounce could reinforce the uptrend, while a breakdown and close below this level would indicate a shift to a bearish outlook, warranting caution and potential repositioning.
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