GBPAUD Near 2023 High Ahead of UK GDP
GBPAUD Weekly/Daily/4hr
The GBPAUD (GBPAUD) is hesitating within a key bull-bear battleground, testing the psychologically key 1.80 whole figure level, 2023 high and ascending triangle resistance (on the 4hr chart). Odds appear elevated for a surge in March to the December high and major downchannel resistance since March 2020 (as can be seen easier on a monthly chart on tradingview.com). A bullish catalyst may arrive as early as Friday with the UK GDP. The escalation in the Ukraine-Russia conflict deserves close monitoring. Congratulations to paying subscribers who benefited from the Oct 4, 2022 analysis highlighting the high odds for a continued downtrend reversal going into year end. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am long as of today at 1.7984 although if I were flat, I’d look to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on USDCAD, NATURAL GAS
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
