GBP/AUD may rise 53 - 78 pips

1.9287 is our pivot point.

Our preference

The upside prevails as long as 1.9287 is support.

Alternative scenario

The downside breakout of 1.9287 would call for 1.9245 and 1.9220.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.9281 and 1.9219).

Supports and resistances

1.9455 **

1.9430 *

1.9405 **

1.9380

1.9327 last

1.9303

1.9287 **

1.9245 *

1.9220 **

Number of asterisks represents the strength of support and resistance levels.