GBPAUD is consolidating following the rebound off the 1.8121 low, with the price currently hovering around the 200-day simple moving average (SMA), as the short-term picture has turned neutral.
The short-term momentum indicators suggest waning negative momentum, as the RSI is increasing but remains slightly below its 50 neutral mark, while the MACD is found below zero but above its red signal line.
Should the price hold above its 200-day SMA currently at 1.8345, the bulls may then target the 1.8427 level. Surpassing this barrier could open the way towards the 50-day SMA, currently at 1.8556. Any advancements beyond that point could turn the cards for the pair, changing its outlook to positive and sending the price to test the 1.8608 resistance.
On the flip side, if the pair breaks below its 200-day SMA, the selling pressure could intensify, sending the price towards the 1.8250 support. A further descending movement from this point could send the bears to target the 1.8184 barrier before moving towards the 1.8121 level. Breaching this obstacle could pave the way towards the strong 1.8016 support.
In brief, the overall short-term outlook for GBPAUD is neutral. However, this might change if the price doesn’t hold above its 200-day SMA, while surpassing the 50-day SMA could turn the outlook for the pair to positive.
