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The GBPAUD currency pair has recently been impacted by strong negative pressures, resulting in bearish correctional waves. These waves are targeting the 23.6% Fibonacci retracement level at 2.0505. However, the 55-period moving average is rising and settling near the initial support at the 2.3196 level. Additionally, the stochastic indicator is attempting to exit the oversold territory, which could signal a potential reversal and support renewed bullish momentum in both the near and medium term. Based on these factors, the price is expected to rally towards 2.0735 and 2.0870.
The anticipated trading range for today is between 2.054 and 2.0730.
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Trend Forecast: Bullish
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