The GBP/AUD pair is currently trading inside a well-defined horizontal range channel, bounded by resistance around 2.1050–2.1100 and support near 2.0600–2.0650. Price has been moving in a sideways rhythm since late April, oscillating between the two levels with several clean swings.
As of now, the market is heading toward the ascending support trendline, indicating a possible short-term bounce or a larger directional move depending on how price reacts there.
🔄 Scenario 1: Bullish Rebound from Support
If the price finds buying interest near the 2.0650–2.0700 zone and bounces with strong bullish candles, it may signal the beginning of another swing toward the resistance zone at 2.1100. This would maintain the current range-trading behavior, offering traders a buy-low, sell-high opportunity.
Buy Entry: Near 2.0650–2.0700 (after confirmation)
SL: Below 2.0580
TP: 2.0950 / 2.1100
⛔ Scenario 2: Bearish Breakdown from Support
However, if price decisively breaks below the support zone with momentum, it would invalidate the current range and may trigger a larger corrective leg to the downside. This could lead to levels around 2.0400 or even 2.0200, aligned with previous demand zones.
Sell Entry: On breakdown below 2.0600 with retest
SL: Above 2.0700
TP: 2.0400 / 2.0200
🧭 Technical Outlook Summary
Pattern: Horizontal range with slight ascending base
Bias: Neutral – Watch for bounce or breakdown
Support to watch: 2.0650–2.0600
Resistance to watch: 2.1050–2.1100
Next Action: Wait for reaction at support before taking directionally biased trades
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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As of now, the market is heading toward the ascending support trendline, indicating a possible short-term bounce or a larger directional move depending on how price reacts there.
🔄 Scenario 1: Bullish Rebound from Support
If the price finds buying interest near the 2.0650–2.0700 zone and bounces with strong bullish candles, it may signal the beginning of another swing toward the resistance zone at 2.1100. This would maintain the current range-trading behavior, offering traders a buy-low, sell-high opportunity.
Buy Entry: Near 2.0650–2.0700 (after confirmation)
SL: Below 2.0580
TP: 2.0950 / 2.1100
⛔ Scenario 2: Bearish Breakdown from Support
However, if price decisively breaks below the support zone with momentum, it would invalidate the current range and may trigger a larger corrective leg to the downside. This could lead to levels around 2.0400 or even 2.0200, aligned with previous demand zones.
Sell Entry: On breakdown below 2.0600 with retest
SL: Above 2.0700
TP: 2.0400 / 2.0200
🧭 Technical Outlook Summary
Pattern: Horizontal range with slight ascending base
Bias: Neutral – Watch for bounce or breakdown
Support to watch: 2.0650–2.0600
Resistance to watch: 2.1050–2.1100
Next Action: Wait for reaction at support before taking directionally biased trades
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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📈 Trade Smarter with TradZoo!
🔗 Website: bit.ly/tradzoopage
📣 Telegram: t.me/tradzooIndex
📲 Android App: bit.ly/TradZooApp
📲 Forex App:tradzoo.com/forex/download
🍎 iOS App: bit.ly/TradZoo-iOS-App
🔗 Website: bit.ly/tradzoopage
📣 Telegram: t.me/tradzooIndex
📲 Android App: bit.ly/TradZooApp
📲 Forex App:tradzoo.com/forex/download
🍎 iOS App: bit.ly/TradZoo-iOS-App
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.