Daily Forex Update: GBP/AUD
AutoChartist | Jun 18, 2014 06:12AM ET
GBP/AUD continues to rise in the direction of the key resistance level 1.8370 that was earlier identified by Autochartist on the daily charts. GBP/AUD is expected to reach this key level in the nearest time. This forecast is aligned with the earlier sharp upward price impulse from the support zone lying between the support level 1.7800 and 50% Fibonacci Correction of the preceding sharp upward price impulse from November of last year. This impulse recently broke the daily Triangle from January (as you can see on the second chart below) – which adds to the probability the pair will continue to rise toward 1.8370 in the coming trading sessions.
The daily GBP/AUD chart below shows the aforementioned technical price levels:
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