GBPAUD break out to the upside. SBM long trade in play

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We called a partial entry on GBPAUD on the 1st Aug at 1.4900 and entered the 2nd half at 1.4780 on the 8th Aug to give us an average of 1.4840 (Click here – http://www.spreadbetmagazine.com/blog/2012/8/8/2nd-and-final-tranche-of-sterling-aussie-gbpaud-position-ent.html_

The daily chart below shows the pair breaking to the upside through the prolonged 2 months down trend. The height of the channel that it had been contained within is around 4c and so with the breakout coming at 1.4900 this implies a move towards 1.5300 over the coming days (with a peripheral question as to what that implies for global markets as this FX pair is generally inversely correlated with the equity markets) – precisely where are target is.

We raise our stop to 1.4817 which would imply a re-test of the all time lows around 1.46 and a possible re-entry long there.

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