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The price of GBPAUD has reached the range lows at 1.7500, will the price break through and trade lower?
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GBPAUD: Will the Range Bottom be Broken?
The GBPAUD currency pair has been trading within a range for the past several weeks, with the lows at 1.7500 and the highs at 1.8750. However, there are several factors that suggest that the pair could trade through the range lows in the near future.
One major factor that could impact the GBPAUD is the rising Consumer Price Index (CPI) in Australia. As inflation increases, the Reserve Bank of Australia (RBA) may be forced to act aggressively with interest rates, which could strengthen the Australian dollar.
Another factor to consider is the monthly chart of GBPAUD, which shows the price rejecting the double top lows of 1.1875. This suggests that the pair is losing momentum and may be headed for a downward trend.
On the daily time frame, the price is currently finding support at the range lows of 1.7500. However, this support could be broken due to the strength and weakness of the two currencies. If the support does break, the price could test the lows towards 1.6700.
Investors should keep a close eye on the GBPAUD and monitor any developments in inflation and interest rates in Australia. A break of the range lows could indicate a significant shift in the market and potential trading opportunities. As always, it is important to have a sound risk management strategy in place and to not invest more than you can afford to lose.
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