In the previous look at GBP/AUD, I was anticipating another bearish swing within the context of a bearish correction. However, as we can see in the 4H chart below, the downswing stopped short and a bullish breakout followed.
GBP/AUD 4H Chart 11/30
(click to enlarge)
- Price action is indeed breaking above a falling resistance.
- In the previous update, I noted that a break above 1.68 would be a good sign of bullish continuation.
- The face that we saw support at 1.6650 is also indicative of bulls taking over this market.
- This bullish breakout opens up the 1.70 psychological handle.