GBP/AUD finds support in 2021 April low

Source: Dukascopy Bank SA


The GBP/AUD currency exchange rate has been plummeting since the start of February. Namely, the pair tested the 2021 high level at the end of January and end of February. After a failure to book a new high level, the pair began to decline. On March 6, the pair had already reached the low level of April 2021. During a period of a month, the Pound erased all value gained against the Australian Dollar in the previous ten months.

If the pair passes below the support zone at 1.7740/1.7800, the rate might eventually reach the 2021 low levels at 1.7400. Meanwhile, take into account that the 1.7600 level could act as support,as it did during September 2020.

However, a recovery of the Pound against the Australian Dollar might find resistance in the 1.8125/1.8200 zone. The zone acted as support in June and November. Higher above, there is no technical resistance as high as the 50 and 200-day simple moving averages at 1.8770 and 1.8685.
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