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GBPAUD 29 May 2024

GBPAUD 29 May 2024 On the weekly timeframe for GBPAUD, the pair has been moving sideways since the beginning of this year. The pair is moving in a range between 61.8 and 100.0 levels on the Fibonacci retracement, keeping its position from dropping through the levels below. At the moment, a bearish signal is seen on the candlestick chart, indicating further downside potential. The MACD indicator also indicates a decline, with its histogram moving towards the 0.00 level. Traders need to be aware of the possibility of further declines if the support level at Fibonacci does not hold, as well as watch other technical signals to confirm the upcoming trend. Remain cautious and consider good risk management in taking positions on this pair.

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