GBP/AUD 4H Chart 12/18/2012 9:52AM EST

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Channel Support, double bottom: As a follow up to the previous GBP/AUD update, we are are seeing the anticipated bullish scenario develop with price rising from a rising channel support, as well as extending higher after a completed double bottom, seen in the 4H chart.

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.