Nick Nasad
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Follow-Up on GBP/AUD: Uptrend Resuming?

I wrote about the set-up in the GBP/AUD yesterday, with the pair at an important crossroads. I think it has answered the question of which way it wants to go as it pushed convincingly through the resistance left at 1.8355, and has reached the initial short-term upside target around 1.8450 and 1.85.

This is a bullish sign, and I think there will be more to come in the pair. A break of the 1.8550 highs from last week would be a signal that we are about to see the meat of the upswing. Now, its probably better to wait for a pullback before jumping onto this pair (unless you are already in) as its prudent to improve one's risk/reward parameters following the recent 150 pip move.