The British pound is looking increasingly bullish against the Australian dollar currency as the aussie continues to tumble on the foreign exchange market. The four-hour time frame clearly shows that a large bearish head and shoulders pattern has been invalidated. According to the overall size of the invalidated pattern the GBPAUD pair could be about to rally towards the 1.8800 level.
The GBPAUD pair is only bullish while trading above the 1.8500 level, key resistance is found at the 1.8800 and the 1.8850 levels.
If the GBPAUD pair trades below the 1.8500, sellers may test the 1.8410 and 1.8250 support levels.
