GBP/AUD: Flying from the Lows of 1.81000
Good afternoon Traders and welcome back to EverythingFX.
Great British Pound is currently trading at 1.83136 against the Australian Dollar during today's London session.
After reversing seamlessly from the lows in and around 1.81000 we have launched over 180 PIPs which was covered on our Technical Floor.
Looking on a weekly timeframe we can see price is printing a bullish reversal pattern out of the highlighted region after a sharp decline a few weeks ago. Looking at the daily timeframe we can see price is trading back above our 1.82500 psychological level.
Dropping down to a 4-hour time we had a nice breakout of a descending trendline with a nice retracement before going on to break 1.82500. Looking at current price action I do expect a slight pullback before actually going to complete the overall move back to 1.84100 which has played an important role as a level of resistance in the past providing a good 100 PIPs from current trading price.
Fundamentally we had the RBA cutting interest rates assisting in pushing the pair higher, however, eyes remain on the UK Parliament as to where we go next with Brexit. Do keep your eyes on our market news section as well as our Twitter and Instagram feed for rapid updates!