GBP/AUD continues to move sideways in the short term. It’s located at 1.8529 level above the broken downtrend line. Staying above it could bring new long opportunities. The Pound remains strong as the UK Flash Manufacturing PMI and the Flash Services PMI were reported better than expected in yesterday’s session. Today, the CBI Industrial Order Expectations was reported at 26 points versus 8 points expected.
From the technical point of view, the current range could represent a continuation pattern.Still, we’ll have to wait for confirmation before taking action.
GBP/AUD Technical Analysis!
GBP/AUD tested and retested the 1.8498 level which stands as a static support. Now it has developed a minor triangle. Also, it’s trapped between 1.8599 and 1.8527 levels. A valid upside breakout from these patterns could activate an upside continuation.
Its failure to stabilize below the downtrend line followed by a valid breakout above the upper median line (uml) and through 1.8599 could bring new long opportunities.
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