GBP/AUD Technical Analysis: Break of immediate resistance-line favors 1.8315 comeback

GBP/AUD trades little changed around 1.8310 during initial Asian session on Wednesday.
The pair recently crossed three-week old descending trend-line connecting highs marked since January 25.
With the clear break of short-term resistance, the quote may accelerate its recovery to 1.8315 horizontal-line upside barrier.
However, pair’s advance beyond 1.8315 can become difficult if overbought levels of 14-bar relative strength index (RSI) play its role, if not then 1.8440 and 1.8515 can reappear on the chart.
Meanwhile, 1.8150 and 1.8080 can offer nearby support to the pair during its pullback ahead of highlighting an upward sloping trend-line at 1.8020, adjacent to 1.8000 round-figure.
Given the pair’s decline under 1.8000, 50% Fibonacci retracement level of mid-December to late-January rise, at 1.7900, followed by 1.7820, can gain sellers’ attention.

Anil Panchal FXStreet

GBP/AUD 4-Hour chart

Additional important levels:

Overview:
    Today Last Price: 1.8227
    Today Daily change: 4 pips
    Today Daily change %: -0.02%
    Today Daily Open: 1.8231
Trends:
    Daily SMA20: 1.8173
    Daily SMA50: 1.7996
    Daily SMA100: 1.7987
    Daily SMA200: 1.7891
Levels:
    Previous Daily High: 1.8263
    Previous Daily Low: 1.8078
    Previous Weekly High: 1.8266
    Previous Weekly Low: 1.7991
    Previous Monthly High: 1.8796
    Previous Monthly Low: 1.7612
    Daily Fibonacci 38.2%: 1.8192
    Daily Fibonacci 61.8%: 1.8149
    Daily Pivot Point S1: 1.8118
    Daily Pivot Point S2: 1.8006
    Daily Pivot Point S3: 1.7933
    Daily Pivot Point R1: 1.8303
    Daily Pivot Point R2: 1.8376
    Daily Pivot Point R3: 1.8488

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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