GBPAUD Chart Technical Outlook

GBPAUD Chart Technical Outlook remains bid with bulls eyeing 1.9270* The Sterling is going through a corrective rebound, following the August-September sell-off. The pair is now pushing against a strong resistance area at 1.9260/70 with scope for further appreciation while 1.9070 support remains in place. The risk-on mood is triggered by hopes that central banks are ending their tightening cycles and the weak UK manufacturing data are favoring the Aussie, and posing headwinds to the pair. Technical indicators remain positive with the bullish cross between the 4h 50 and 100 SMAs giving bulls hope. Resistance at 1.9270 seems a tough level, where the trendline from August highs meets the 4h 200 SMA. Above here, the next target would be the 50% Fibonacci level of the mentioned downtrend, at 1.9400. Supports are 1.9070 and 1.8980.

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