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GBPAUD Forecast – October-31-2023

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FxNews – In today’s comprehensive GBPAUD forecast, we will first scrutinize the current economic conditions in Australia and UK. Following that, we will meticulously delve into the details of the technical analysis pertaining to the GBPAUD pair.

Australian Private Credit on the Rise

In September 2023, Australia saw its private credit market grow by 0.5%, marking the highest increase in five months. This uptick was led by a notable rise in loans for homes and businesses. However, personal credit growth saw a slight decline.

The FTSE 100 index showed little change, hovering around 7,330 despite initial gains. Investors weighed corporate earnings and economic reports ahead of significant central bank meetings. Rolls-Royce shares jumped after an analyst upgrade, while BP’s profits fell short of expectations, putting pressure on energy stocks. Vodafone’s shares dipped slightly amidst strategic shifts. Overall, the FTSE 100 is on track for a monthly decrease of 3.6%.

GBPAUD Forecast: A Deep Technical Analysis

The GBPAUD currency pair has demonstrated a robust breakout from its previous bearish trendline during today’s trading session. This pivotal movement has not only captured the attention of traders but has also signaled a potential shift in the underlying market dynamics. The currency pair’s ability to sustain a close above the critical pivot point of 1.917 further boosts the case for a bullish outlook.

GBPAUD Forecast - October-31-2023

GBPAUD Forecast – 4H Chart by TradingView

The Relative Strength Index (RSI) confirms this bullish sentiment. Currently, the RSI is indicating upward momentum, suggesting that the buying pressure is outpacing selling pressure. This technical alignment could very well pave the way for the GBPAUD price to ascend towards the next notable resistance level at 1.931.

  • 31 October 2023
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