GBPAUD (1H) - short term bearish bias
Sentiment has turned downbeat after the psychological level of 1.9000 failed to gather enough buying interests. Yesterday's bearish MA cross was an indication that the pair could undergo a correction. The post-RBA meeting optimism gives the Australian dollar the high ground despite the pound's strength across the board. As the RSI shows a hint of over-selling near the 4H support level of 1.8880, we would expect a temporary rebound toward the moving averages before a new round of fresh selling.
Key support: 1.8880
Key resistance: 1.9000
Sentiment has turned downbeat after the psychological level of 1.9000 failed to gather enough buying interests. Yesterday's bearish MA cross was an indication that the pair could undergo a correction. The post-RBA meeting optimism gives the Australian dollar the high ground despite the pound's strength across the board. As the RSI shows a hint of over-selling near the 4H support level of 1.8880, we would expect a temporary rebound toward the moving averages before a new round of fresh selling.
Key support: 1.8880
Key resistance: 1.9000