The GBP/AUD currency pair price for most of this year move in a range with an upper limit of 1.8861 and a lower limit of 1.8114. The rate is now again aiming to the range support.

As can be seen in the daily chart below, in early June the GBPAUD pair once again reflected on support at 1.8114. However, buyers were not strong enough to push quotes back into the upper band of the range. The price only reached the local resistance at 1.8424.

GBPAUD Daily

This week we are seeing a return of bears that are pushing the course today into the vicinity of 1.8114. The outcome of a potential support test may give an indication of the further direction of the movement.

If the day is closed under the support area within 1.8114, sellers will open their way to the next key level close to 1.7873. Alternatively, keeping the bottom band in the range will keep the price trapped to a lesser extent and potentially head for 1.8424.


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