GBP/AUD 4H Chart 12/18/2012 9:52AM EST
Not that bullish: Although this rally is within a rising channel, it is not exactly part of an uptrend. The alignment, and general down-sloping to sideways direction of the moving averages suggest the bullish market is still young, and has not shaken off the preceding bearish signs.
Outlooks: Still, there seems to be room in the near-term toward at least the 1.5454 December high. A break above his high exposes the next resistance pivot at 1.5631. These bullish targets are in play unless there is a break back below 1.5350, which is now becoming a key pivot. Still the bearish outlook should be shelved unless there is a break below 1.53 and the rising trendline.