GBPAUD Breaks Above 1.7500

Wed 22nd February 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• GBPAUD
• AUDUSD (Covered in Video)

GBPAUD Breaks Above 1.7500

In today’s forex strength video we identified that the Great British Pound (GBP) is the strongest currency on the day traders table.

The Australian Dollar (AUD) is weakest topping the day traders table.

GBPAUD has broken through a key resistance level of 1.7500.

This level had been minor resistance since the end of January. 

Price is trading in a larger trading range between the lows of 1.7250 and the highs of 1.8125.

If price trades higher we could expect to see it reach the range highs.

Price is also trading above the 200 daily moving average and trendline resistance.

Buyers should look for a pullback before getting long.

The 1.7500 resistance could turn into support. 

Technical Observations

• The GBP is S1 and AUD is W1 on the day traders table.
• Price has traded through 1.7500 resistance.
• Price is trading above the daily 200 moving average and trendline resistance.
• 1.7500 resistance could turn into support.
• Buyers could target the key resistance levels of 1.7950 and 1.8125.