GBP/AUD taking off; 20-day highs reached

FXstreet.com (Chicago) - GBP/AUD continues printing higher lows and highs drifting away immediate support previously violated.

Price action reveals a formidable rally in formation after a few hours of parallel action. With commodity currencies under pressure, the pair reaches 20-day highs and is offered at 1.6947 to now oscillate between the supports aligned at 1.6941 (October 29th highs), 1.6890 (October 29th lows) followed by 1.6830 (October 8th lows) and the resistances set at 1.70 (September 4th lows), 1.7079 (October 9th highs) ahead of 1.7188 (October 1st lows). According to the FXstreet.com trend index, the pair is slightly bullish and remains above the EMA20.