GBP/AUD Is Rising

GBP/AUD is very bullish at the moment and the pair has even broken out above the last high at 1.7180. This comes as no surprise considering the two spinning top candlesticks that have formed on the weekly time-frame at the support at 1.6680 – 1.6700. The move to the upside continues and GBP/AUD will probably reach the resistance at 1.7365, which coincides with the (MA)89 indicator on the weekly time-frame. The question is whether it will be able to break out above that resistance or it will bounce off from it. In case it does break out above it the pair will likely continue rising towards the next major resistance level, which is at 1.7850. A bounce from the (MA)89 indicator would likely mean a new drop back to 1.6700.