Forex News: GBPUSD breakout watch.
Risk majors followed up their fightback last Friday with more solid gains into Monday’s session.
The AUD has seen solid gains after the weekend’s Federal election, which saw a change of government. The EUR hasn’t seen those two gains but has still beat last week’s high.
The breakout above last week’s high drew our attention to the GBPUSD today. This, for now, looks like a new continuation higher and maintains the new fast uptrend that we have seen form since buyers broke the last fast downtrend. We can also see a V reversal pattern forming, which is good to see in new emerging fast trends.
Looking forward, we can see price moving into a supply area, and a break of the upper range would be a solid sign to continue the bull’s case. Above that, if buyers can maintain the move, we will be looking to the orange box that lines up with the medium-term trend line and if buyers can beat that area.
Later today, BOE Governor Baily will speak at 12:15 am AEST
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