The bearish unwind in GBP/AUD stalled in familiar territory, bouncing from 2.0500 in Asian trade, continuing the pattern seen since April when Donald Trump first unveiled reciprocal tariff rates on U.S. trading partners. Now, like then, the bounce likely reflects concern about the outlook for the global economy following the unveiling of 30% tariff rates on E.U. imports entering the United States from August 1. The headline-driven nature of the move overrides the deeply bearish message coming from momentum indicators like RSI (14) and MACD.
If the pair were to move towards 2.0500 again, it would create a decent long setup where positions could be established above the level with a stop beneath for protection. 2.0600 and 2.0700 screen as possible targets, although the most appealing target would be 2.0800 from a risk-reward perspective—that level has seen plenty of work either side of it over recent months and has the 50-day moving average located just above.
If the pair were to reverse back through 2.0500 and close there, the bullish setup would be invalidated, opening the door for bearish trades to be set targeting support at 2.0300.
Good luck!
DS
If the pair were to move towards 2.0500 again, it would create a decent long setup where positions could be established above the level with a stop beneath for protection. 2.0600 and 2.0700 screen as possible targets, although the most appealing target would be 2.0800 from a risk-reward perspective—that level has seen plenty of work either side of it over recent months and has the 50-day moving average located just above.
If the pair were to reverse back through 2.0500 and close there, the bullish setup would be invalidated, opening the door for bearish trades to be set targeting support at 2.0300.
Good luck!
DS
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