GBP/AUD Close to Resistance

GBP/AUD has been trading higher this month as price went from 1.69 to just a few point shy of 1.76 this week. As it seems, the pair is now facing mild resistance at 1.7565. If that resistance is taken out we might the pair reach second bullish target at 1.7651. That can be easily taken out for the greater target at 1.78.

At 1.78 bulls will face stronger resistance as bears would have a certain triple top if they manage to turn the trend and push the price down. That would be a good level to place a heavy short position with a tight stop just a few point over the target. Should bears succeed, first target would be to bring the price to 1.76, below the second pivot point on the long term scale.

This week is certainly not data-heavy so we might see a smooth continuation of the uptrend towards the bullish targets.

Chart: GBP/AUD D1