SamKent
Long

GBP/AUD Possible Bullish Breakout

FX:GBPAUD   British Pound / Australian Dollar
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The GBP/AUD has been in consolidation mode for a long while now. We're following this pair at current levels to see if we get a bullish breakout of the flag pattern it has been forming. We'd be looking for a bullish breakout to entail the 200 SMA holding as support, coupled with the 57 RSI level. A break higher could eventually send this pair all the way up to the 1.900 levels. Of course, if we do end up being long on the pair we'll stay up to date with news developments with regards to both economies, most notably following the announcements of the two central banks, currently it appears the UK is more likely to hike rates sooner.
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