I like the idea of being long GBP/AUD on a break of 1.8123 (the downtrend drawn on the hourly chart), with good support also seen on the daily chart at 1.7891...

I like the idea of being long GBP/AUD on a break of 1.8123 (the downtrend drawn on the hourly chart), with good support also seen on the daily chart at 1.7891 to 1.7882 (the uptrend drawn from April 11 and 200-day moving average). The market will be keen to look out for today's Australian Q1 GDP print (at 11:30 AEST) and after a number of upside surprises in key data points (including yesterday's net export print) the market expects to see quarterly growth of 0.9%. It would be a surprise if this print missed consensus by a wide mark, but there are signs this pair could be headed higher. Traders could also focus on AUD/NZD which is looking to break the 200-day moving average which has capped the upside in the pair since mid-2012.