GBP/AUD Breaks Above Double Top

The Australian dollar softens as commodity prices pull back. The pair has been grinding up steadily from its support base at 1.7780. The latest breakout above 1.8060 has shifted the action to the upside after two previous failed attempts.

1.8200, a major resistance level on the daily chart would be the next on the list. Its breach could reverse the pound’s misfortune and turn the thirteen-month-long downtrend around.

In the meantime, a retracement on the back of an overbought RSI may meet buying interest around 1.8000.

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