Forex: GBP/AUD, no signs of rally sputtering

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Forex: GBP/AUD, no signs of rally sputtering

FITITOL--> FXstreet.com (Barcelona) - GBP/AUD continues to defy gravity and after an streak of five trading days of higher lows and highs, the exchange rate is getting into closer contact to bang the round number 1.6000.

Firm uptrend remains in play, with the current price at 1.5880 after yesterday's new 5-month high of 1.5945 prior to a minor pullback on Aussie strong bids through the US session.

As noted by IFR Markets Analyst Andrew Spencer, "the pair shows overbought daily momentum studies which remain positive, with the 5, 10 20 DMA trending north to target Nov 1.6055 high." The analyst adds that "a close below 10 DMA at 1.5700 is needed to undermine the strong upward momentum."