GBP/AUD tests 2021 and 2022 high levels

Source: Dukascopy Bank SA


In general, the Bank of England and Reserve Bank of Australia have been hiking interest rates to combat inflation. However, the BoE has kept their rates always higher during 2023. Due to this fundamental reason, the GBP/AUD currency exchange rate has been surging throughout 2023.

From a technical analysis perspective the pair has been surging in a channel up pattern since the start of February. Most recently, the rate has reached the 2021 and 2022 high levels. The 2021 high has been pierced, but the 2022 high has held and caused a retracement to 1.9000.

In the case of the Pound resuming its surge against the Australian Dollar, it would need to break the 2022 high at 1.9228. Above this level it is likely that round exchange rate levels are going to act as resistance, before the upper trend line of the channel up pattern would be reached.

A potential decline of the GBP/AUD is going to look for support in the 1.9000 mark, the 50-day simple moving average near 1.8840 and the combination of the 1.0880 mark and the lower trend line of the 2023 ascending channel pattern. If the pattern would be broken, round levels could act as support, prior to the rate reaching the 200-day simple moving average.
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