FxWirePro: GBP/AUD extends 'Symmetric Triangle' break, eyes 88.6% Fib, stay long

GBP/AUD chart on Trading View used for analysis

• GBP/AUD extends 'Symmetric Triangle' break, bias higher.
   
• Sterling buoyed on reports that the DUP decided to privately agree to support UK PM May’s ‘Plan B’ Brexit Deal.
   
• The pair hit new 3-month highs above 1.85 handle before paring some gains to currently trade at 1.8466 levels.
   
• Momentum with the bulls. We do not see any major signs of reversal.
   
• Scope for test of 88.6% Fib at 1.8555 ahead of 110-W EMA at 1.8655. Breakout at 110-W EMA to see further upside.
   
• Immediate support seen at 78.6% Fib at 1.84. Break below 5-DMA support to see dip till 1.8147 (61.8% Fib).

Recommendation: Good to stay long on dips, SL: 1.84, TP: 1.8555/ 1.8655

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.