FxWirePro: GBP/AUD breaks major trendline resistance at 1.8460, eyes 88.6% Fib at 1.8555

GBP/AUD chart on Trading View used for analysis

• GBP/AUD spikes past major trendline resistance at 1.8460, bias higher.
   
• The pound sterling buoyed across the board after UK PM May finally acknowledges that the Brexit date might be delayed past March 29.
   
• UK Prime Minister Theresa May is now set to address Parliament around 12:30 GMT.
   
• The Bank of England Governor Mark Carney said in February Inflation report hearing that a no-deal Brexit would be inflationary.
   
• He added that the MPC’s tolerance for sustained overshoot of inflation target could be breached and some tightening would be required in no-deal Brexit scenario.
   
• GBP/AUD tardes 1.02% higher on the day at 1.8452 at 1200 GMT after hitting highs of 1.85.
   
• Technical studies are biased higher, we see scope for test of 1.8555 (88.6% Fib) ahead of 1.8728 (Oct 2018 high).

Support levels - 1.8327 (5-DMA), 1.8147 (61.8% Fib)

Resistance levels - 1.8555 (88.6% Fib), 1.8728 (Oct 2018 high)

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