GBPAUD – Hourly

GBPAUD –

 

We saw GBPAUD attempt a stronger recovery last month, but it appears the Pound may not have the resolve to push higher as we enter into October. In today’s Chart of The Day, we examine the hourly chart using the Ichimoku method.

In the shorter-term, it appears the latest weekly pivot points of 1.80 and 1.77 play a pivotal role (excuse the pun) as support for the pair, although this week’s line has not been able to hold back the more determined sellers. It may also hint to where the price action could be heading in the long run.

Last week price action spent a few days consolidating into a distribution pattern before dropping sharply below 1.77, and judging by the thickness of the Ichimoku cloud above 1.80, the level of resistance is sizeable in those regions.

The lagging span (purple line) is below the cloud on both the hourly and daily charts confirming a bearish tone for GBPAUD on multiple time frames. Unless the pair can break above 1.80 with confidence, we may see GBPAUD drift back towards last week’s pivot of 1.77 once again.

 

Note: Click on charts to enlarge.

 

By Adam Taylor CTEe

.@adamt_trading

Sources: Go Markets, Meta Trader 5, TradingView, Bloomberg

Disclaimer: The articles are from GO Markets analysts,  based on their independent analysis or personal experiences. Views or opinions or trading styles expressed are of their own;  should not be taken as either representative of or shared by GO Markets.  Advice (if any),  are of a ‘general’ nature and not based on your personal objectives, financial situation or needs.  You should therefore consider how appropriate the advice (if any) is to your objectives, financial situation and needs, before acting on the advice.  If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.

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