FxWirePro: GBP/AUD on verge of 'Symmetric Triangle' breakout, stay long above 1.8185

GBP/AUD chart on Trading View used for analysis

• GBP/AUD is trading in a narrow range, at 1.8187 at 1050 GMT.
   
• Price action is on verge of breakout of 'Symmetric Triangle' pattern.
   
• Technical studies also support upside. Volatility is also rising.
   
• Break above Triangle top at 1.8185 will see gains till 78.6% Fib at 1.84.
   
• Immediate support is seen at 5-DMA at 1.8082. Break below 200-DMA negates bullish bias.

Support levels - 1.8147 (61.8% Fib), 1.8084 (5-DMA)

Resistance levels - 1.8284 (Jan 3rd high), 1.84 (78.6% Fib)

Recommendation: Stay long on decisive breakout above 1.8185, SL: 1.8085. TP: 1.8585/ 1.84

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