GBP/AUD is heading up following the rebound on the 20-day simple moving average (SMA) currently at 1.9347.
GBP/AUD turned overbought near a fresh 3 ½-year high of 1.9750 last week.
GBP/AUD stretched to a fresh 3 ½-year high of 1.9150 on Friday ahead of the Reserve Bank of Australia policy meeting early on Tuesday.
GBP/AUD stretched Thursday’s impressive rally to a four-month high of 1.8492 on Friday and is ready to close the week up by 1.7%.
GBP/AUD rose over the last month and breached the 100- and 200-day simple moving averages (SMAs) to peak at 1.8335 on Monday.
GBP/AUD attempted forcefully to exit the descending channel and breach at once the 1.8200 level and the lower bound of the Ichimoku cloud.
GBP/AUD extended its losses towards a new six-month low of 1.7630 on Tuesday, recording five straight red days.
GBP/AUD slid into a four-month trading range on February 19, with the lower boundary of 1.8115 and an upper boundary of 1.8865.
GBP/AUD is posting red days, hovering around the lower boundary of the trading range (1.8100 – 1.8880).
GBP/AUD has been trading in a consolidation area since February 19th.