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GBP/AUD Breakout Beginning, Will AUD/USD Follow?

GBP/AUD Breakout Beginning, Will AUD/USD Follow?

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- British Pound jumps on absurdly strong sales data - 7x better than expected.

- GBPAUD surges - commodity currencies slide. NZD leads.

- AUDUSD consolidation worth paying attention to.

The British Pound was the beneficiary of an unbelievably strong December UK Retail Sales report (+2.8% vs +0.4% exp m/m), and even though the veracity of the figures are in question, it is difficult to ignore the breakouts seen on the charts.

GBPAUD has continued its violent rebound from Monday's low, building on the budding bullish technical formation highlighted in yesterday's update. The GBPAUD lurch higher may be negatively impacting the AUDUSD, which is struggling below $0.8800.

--- Written by Christopher Vecchio, Currency Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.