GBPAUD Forming Bullish Base
GBPAUD exhibits short term inverse head and shoulders potential (bottoming). The setup is made more attractive by the impulsive rally (5 wave) from the lowest level in exactly a year. A break above 14900 would complete the short term formation. Given that the GBPAUD is trading at the low end of its 2 and a half year range, longs may be warranted for at least several weeks.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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