GBPAUD Forecast and Live Chart

The Great British Pound/Australian Dollar currency pair, also known as GBPAUD and GBP/AUD, is another very popular pair among forex traders. These two currencies are among the most traded in the world. Lets take a look at how they are performing.

GBP/AUD Key Stats

  • 2021 high: 1.9154
  • 2021 low: 1.7415
  • YTD high: 1.9221
  • YTD low: 1.7173
  • YTD % change: -5.85%

GBPAUD Forecast

The GBP/AUD has been bearish for most of the first half of 2022, giving up its 2021 gains. The BoE has been raising interest rates to combat inflation since December, while the RBA began later. However, with potential UK concerns creeping in that growth has started to slow, we may see a more cautious BoE in the near term and we expect the bearishness to continue with a move back to just above 1.74 and then a further decline to just above 1.72.

However, focusing on a longer-term view, we eventually see the GBPAUD turning around and heading up to the 1.8070 mark.

gbpaud chart 

GBPAUD Fundamental Analysis

When analysing the Great British Pound/Australian Dollar pair, we have to take into consideration that each currency in the pair, or any forex pair in general, will have isolated factors impacting its performance.

For example, the Pound will be affected by the economic performance of the United Kingdom. Traders should keep an eye on inflation, monetary policy, GDP, retail sales, employment, and trade balance to understand how an economy is performing. Above, in our forecast, our near-term view was determined by expectations for monetary policy.

For the Australian Dollar, it is also important to focus on the data listed above. However, it is also vital to watch how Australia’s export industry is fairing as it is a large exporter of commodities such as coal, iron ore, and gold.

In addition, political factors will also play a role. For example, with Australia being a large exporter, its economic relationship with China will play a part, with a frostier relationship potentially impacting the number of goods China imports from Australia.

Similarly for the UK, its economic relationship with the European Union will also impact its currency. The most obvious point to focus on here is Brexit and the future trading relationship between the UK and EU.

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GBPAUD Technical Analysis

Key Support Levels:

  • 1.7180
  • 1.7100
  • 1.7047
  • 1.6700

Key Resistance Levels:

  • 1.7827
  • 1.8035
  • 1.8165
  • 1.8200

The GBP/AUD has run into stern resistance at around the 1.7827 mark lately, testing it on several occasions, even breaking higher, before closing the day below.  Before that, the pair had bounced off support twice at around the 1.7180 level and, at the time of writing, it looks to be heading back there once again. Zooming out to a weekly chart, we can see why, in the near term, price is heading lower, after breaking below the triangle pattern, moving back to test and then continuing lower. Some other key levels to the downside to watch out for are 1.7100, 1.7047, and further below at 1.6700.

Levels to watch on the upside, above the key resistance already mentioned, include 1.8035, 1.8165, 1.8200 and 1.8350

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