Since September 2014, after testing the low at 1.7210, GBP/AUD has been steadily rising. Following that, the pair produced consistent waves printing higher highs and higher lows, which could be treated as a separate of the uptrend.
Having plotted the uptrend, the pair has been rejecting it on several occasions. But the downtrend has been penetrated exactly a week ago, suggesting continuation of the long-term uptrend. According to the Fibonacci applied to the downtrend breakout point, it is clear that the GBP/AUD pair broke above R1 resistance (1.9606) throughout the last week while the S1 support (1.9457) was only tested and remained valid.
Consider buying GBP/AUD around the current level as no clear signs of reversal or correction downwards are presented at this point. Fibonacci retracement indicator points at 2.0100 area as a potential target –R3 (2.0089) and could be used for profit taking if the uptrend continues. Only a break below S2 (1.9308) would invalidate this forecast and send the price lower.
Support: 1.9457, 1.9308, 1.9122, 1.8822
Resistance: 1.9606, 1.9792, 2.0089
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