fozzy999
Long

GBPAUD Long trade, bounce off strong resistance trend line

FX:GBPAUD   British Pound / Australian Dollar
Decreasing growth in the Chinese economy, means lower demand for Australia's iron ore and coal (of which prices are declining), therefore Australia is experiencing over supply issues and a surplus in output capacity. Unemployment is rising, and recent monetary policy is dovish. All these factors point to this pair being very bullish .
I like the technical pattern but am concerned about the economic view. The UK election due soon has such potential that it could easily de rail worries on the Australian front. I do agree that the solid bull trend will be hard to break but will remain on the sidelines until the politics is sorted. A hung parliament could put the GBP into a tail spin and A Labour government might well take a 1000 pips away.
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