GBP/AUD traded lower during the Asian morning today, but hit support at 1.9220, slightly above the upside support line drawn from the low of January 14th, and during the European morning, it rebounded. As long as the rate continues to trade above that line, we would consider the near-term outlook to be cautiously bullish. However, we would like to see the rate violating some key resistance barriers before we get more confident on larger upside extensions.


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