The GBP is the strongest and the AUD is the weakest of the major currencies making the GBPAUD the biggest mover on the day.
The pair is up 0.68% on the day which isn't the strongest of moves but it is respectable.
Looking at the hourly chart above, the pair started the day continuing the move lower from Monday's high. That took the price toward swing lows from Friday near 1.72588. The low price reached 1.7271 before rotating back to the upside.
The more bullish bias tilt increased when the pair moved above its 100 hour moving average (blue line in the chart above) at 1.7363 and then the 200 hour moving average (green line in the chart above) at 1.74035.
The current price trades at 1.7424.
It would now take a move back below the 200 hour moving average to tilt the more bullish bias back to the downside in the short term at least.
On the topside, there is not a lot of resistance until the pair starts to approach 1.7500.
- The 1.7472 – 1.7488 is a swing area (see green numbered circles) that will be eyed by traders.
- The 38.2% retracement of the move down from the January 19 high comes in at 1.75038. A downward trend line is also near that retracement level.
Those would be the topside targets on further upside momentum in the GBPAUD.