FxWirePro: GBP/AUD extends break above 200-W SMA, eyes trendline at 1.89

GBP/AUD chart - Trading View 

• GBP/AUD is trading 0.39% higher on the day at 1.8674 at 0555 GMT, scope for further upside.
   
• The pair is extending breakout above 200-W SMA and we see scope for further upside.
   
• Technical studies on the daily charts are biased higher. Stochs and RSI show bullish momentum.
   
• Weakness in Aussie across the board after dismal Q4 GDP data is pushing the pair higher. 
   
• Aussie dampened by poor Q4 GDP data and dovish comments from RBA’s Lowe. Focus now on Thursday’s trade balance and retail sales data.
   
• Continuation of upside momentum to see test of major trendline resistance at 1.89. Further upside only on break above.
   
• On the flipside, immediate support is seen at 5-DMA at 1.8637. Retrace below 200-W SMA negates bullish bias.

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