2011 Trendline is still holding. Despite of recent dollar weakness, I dont think it will last long.
There maybe sideways movement on this pair for the next few weeks to months but I am looking to short anytime the pair hits near the 7600-7700 level. Although hitting 8000 is possible but there is some major resistance at 7700 so I wouldnt count on it
Aussie is contracting despite of recent numbers in GBP
Domestic economy is not strong enough to sustain itself for long. More local people will realize this pretty soon. We could break the channel and go below .7000 but I will keep this position for now.