
GBPAUD 4 Jul 2024 On the weekly timeframe, GBPAUD experienced a trend reversal two weeks ago which brought the pair into the kumo cloud. However, in the last week of last month, the pair managed to reverse the trend back to bullish and tried to rally. However, the stochastic chart still appears to be declining towards the 20 level, indicating oversold saturation. This indicates the potential for further weakness before the bullish trend can continue more strongly. Traders should pay attention to the support level inside the kumo and the reversal signal on the stochastic to anticipate the next price movement.