GBPAUD remains bullish in an ascending channel on the daily chart. The pair broke above the 200-day moving average as well on Wednesday, which gives an indication of the probability of further advance. However it should be noted that the RSI has entered overbought territory above 70 which indicates there is risk of a pull back.
But there is immediate support at the 61.8% Fibonacci level of the downleg from 2.1706 to 1.8292. This level lies at 2.0392. Downside moves below this level would target the 50% Fibonacci at 1.9992 and then below this the 38.2% Fibonacci at 1.9591.
If upside momentum is sustained, then there is scope to target the January high of 2.0976 and then the October 2015 high of 2.1706.
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