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GBP/AUD - Monitor for Resistance Around 1.68

GBP/AUD is caught in the middle of a developing bullish trend that started in November that is going against a longer term downtrend that has been developing since August 2015. The 4H chart below focuses on the November rally. 

GBP/AUD 4H Chart 11/29

(click to enlarge)

Bullish Reversal At Work?
- The pound has been bearish after Brexit, but has also been recovering in November against most majors. 
- The 4H chart shows the price bottom that formed late October to early November, and the subsequent bullish breakout. 
- Price has rallied from a low in October of 1.58 to a high just under 1.70 in November. 
- Yesterday (11/28) we saw GBP/AUD fall below a rising trendline, which opened up the bearish continuation scenario.
- Today (11/29), we are seeing price rebound and test a recent falling resistance. 
- A break above 1.68 would clear a local resistance pivot as well as the falling resistance and would open up the bullish continuation scenario, with 1.70 in sight. 

Bearish Scenario within a Bullish Mode:
- If price fails to push above 1.68 on the other hand, GBP/AUD has risk of another bearish swing.
- This would potentially be wave "e" in an abcde bearish correction. This means, the bearish scenario could still be within the bullish trend that started in November. 

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