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As the financial market is recovering from its recent downfall, the pound is weakened against most major currencies, and the currency is still weak against names like the CHF and the USD.
Amid the market’s stabilization, traders find ample investment opportunities in the GBPAUD pair. The trading pair offers a suitable short to mid-term opportunity with decent returns.
Since the market is still uncertain, many traders are searching for Go Markets reviews to gain more knowledge about its functioning.
Even with the fluctuations, the AUD has shown some stability on the back of the CPI figures. However, it can be because the AUD relies on commodity prices. Therefore, traders are bracing themselves for the upcoming volatility regarding commodity prices.
The concurring economic landscape is even testing GBPAUD’s support zones. Experts have curated some interesting findings with extensive technical analysis. The recently-run time frame analysis shows the symmetrical triangle has been consolidated since 2014.
It is still a bearish sign, noting a favorable short position. On the other hand, it is possible that prices may again try to reclaim the triangle.
Regarding the weekly chart, the pair can be seen testing its long-term support level of 1.72-1.73 AUD. The pair has been steady since 2017 and is likely to make a comeback to reach the range’s pinnacle. However, traders should remain vigilant until the market shows strong buying to trigger a reversal. Beginners or veteran traders can check out various platforms to expand their understanding of the financial domain.
On the daily chart, the range has been more pronounced as it shows the price within the range. It has also provided a short-term target of 1.7880 AUD as the next resistance target. Until the pair sees a clear range break, buying at its low while selling at its top seems to be the most reasonable trading strategy.
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