FxWirePro: GBP/AUD finds strong support at 1H 110-EMA, minor weakness likely on break below

GBP/AUD chart on Trading View used for analysis

• GBP/AUD trades 0.21% lower at 1.8211 at 1055 GMT.
   
• The pair has paused 3 straight sessions of gains and is extending weakness after an inverted hammer formation at highs.
   
• Major trend in the pair is bullish and price action is extending upside in rising channel pattern.
   
• We see minor weakness on the intraday charts. Breach at immediate support at 1H 110-EMA at 1.8188 could see minor weakness.
   
• Dip till 5-DMA at 1.8156 then likely. Break below 21-EMA support at 1.8103 can see weakness till channel base.
   
• On the upside, we see scope for test of major trendline resistance at 1.85. Further bullishness can see test of channel top at 1.87.

Support levels - 1.8189 (1H 110-EMA), 1.8157 (5-DMA), 1.8103 (21-EMA)

Resistance levels - 1.8403 (78.6% Fib), 1.85 (trendline), 1.8522 (Jan 25 high)

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