Nick Nasad
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GBP/AUD - Break-out as Strong Rally Continues

I've been harping about the GBP/AUD for a little while lately (see my post from late last week) and today we have a further development in the pair as we break through the recent highs, and out of short-term ranging conditions.

What I would watch for now would be any pullbacks that find support at 2 key levels - 1.7830 and 1.7775. The GBP/AUD is the type of pair that once it picks a direction it doesn't retrace all that much, but we did have a pullback on Monday before we extended higher, so let's see if the pair gives us any chance to buy some further dips.

As I pointed in my previous post, we have to look at weekly charts for resistance levels since we have not seen these highs since 2010. I had marked the 1.82 level as a key target to the topside, and we look set to try and reach those levels before year's end at this rate.