GBPAUD Forming Bullish Base

Jamie Saettele, CMT

Thu, Feb 28, 2013, 10:44 AM

GBPAUD exhibits short term inverse head and shoulders potential (bottoming). The setup is made more attractive by the impulsive rally (5 wave) from the lowest level in exactly a year. A break above 14900 would complete the short term formation. Given that the GBPAUD is trading at the low end of its 2 and a half year range, longs may be warranted for at least several weeks.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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GBPAUD Forming Bullish Base

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