A strong upward trend carries on for the pair GBP/AUD. For 5 trading days the pair created a nice uptrend pattern as it continues to give higher highs and lows and about to reach the 1.6000 mark.
The GBP rises against the AUD started before the pullback of AUD’s strong bids throughout the U.S Session. Yesterday the pair reaches 1.5945 the new highest to date for 5 months. IFR Market Analyst Andrew Spencer said that “ The studies shows that the pair has a continues positive daily overbought momentum, with the 5, 10 and 20 DMA (Direct Market Access) trending Upward, targeting the November’s 1.065 high.” He also added that “ to weaken the strong uptrend the price should be close to 1.5700”.