Forex: GBP/AUD breaks 1 month high

FXstreet.com (London) - GBP/AUD has been climbing from yearly lows, 1.4381, which was the foundation for the bottom of this cup on the daily chart. It has gained exactly 1000 pips since that point in March.

The pair have benefited from a surprise cut from the RBA and better printed numbers in the UK, along with AUD/USD tumbling below parity in a world economy which have been leading towards the US dollar in renewed positive sentiment for their economy and in the face of problematic woes for China and other Asian and European markets. The pair’s momentum is bullish with both and MACD and CCI that are also appeasing. Near term support on pivot point is seen at 1.5349, which would be a base for a handle formation on the chart with next support coming in that formation at the psychological level and the figure.