GBPAUD Analysis

GBPAUD is currently on the cusp of an uptrend and trading around our trend-line. We're looking at this area closely for future price action to confirm our bias on the pair. The 2 levels of importance are 1.95 and 1.98. As long as price is above 1.95 we will expect the pair to continue to be bullish and if price can break and retest 1.98 we will be looking for trading opportunities to go long. Alternatively, if price breaks below 1.95 we will be looking for opportunities to go short. From a COT perspective banks are still adding shorts on the AUD so the selling pressure we have seen is a result of banks reducing exposure on the Sterling, rather than AUD strength/buying, confirming my initial bias of being bullish on this pair.