FxWirePro: GBP/AUD struggles at major trendline resistance at 1.7670, bullish divergence keeps scope for upside

Refer GBP/AUD chart on Trading View

• GBP/AUD has slipped lower from session highs at 1.7689, trades 0.43% lower at 1.7595.
   
• Price action finds stiff resistance at major trendline resistance at 1.7670, we see upside only on decisive break above.
   
• Technical indicators are turning bullish. 5-DMA has turned and is pointing north.
   
• Further we see slight bullish divergence on RSI and Stochs which raises scope for upside.
   
• Breakout at 1.7670 will likely see gains till 1.7980 levels. 
   
• On the flipside rejection there could see weakness. Test of trendline support at 1.73 then likely.

Support levels - 1.7570 (21-EMA), 1.7552 (5-DMA), 1.75

Resistance levels - 1.7719 (110-EMA), 1.7755 (200-DMA)

FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at -96.2003 (Bearish), while Hourly AUD Spot Index was at -4.91699 (Neutral) at 1230 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.