GBP/AUD Close to Resistance

The British Pound is having a day in the green today as the UK currency is moving up against all its peers. GBP/AUD was trading around 1.6350 in the opening hours of the first session of the week and is now up substantially to a high of 1.6430. The pair is currently trading at 1.6424. 

The move up does not seem fatigued as the pair is now very close to the resistance level of 1.6455. The level is seen as short term resistance for the pair and if it is taken out, next major bull target is expected at 1.6740. For this to happen, the Sterling has to receive a lot of support both fundamentally and technically. 

Around the level of 1.67 lays the 200SMA which would be another obstacle in the bulls' way. On the way down, bears have their targets at 1. 6120, 1.6000 and 1.5800.

Chart: GBP/AUD H4