However, in the near-term, a rally is possible after a moving average crossover on the five-minute chart. GBPUSD remains under downward pressure after the latest UK inflation data reinforced the view that the Bank of England will likely leave UK bank rate unchanged next week and the UK Government continues to struggle to push its Brexit legislation through the UK Parliament. Medium-term, the technical outlook is poor too. However, in the near-term, some upside is possible after the 20-period moving average on the five-minute chart rose above the 100-period moving average. The 50-period moving average is close to climbing above it too, a move that would confirm a near-term upward trend. Any such move would likely stall around the 1.
10 level, where resistance lies from two longer-term trendlines. 3425 could also be difficult to overcome but a rise up to those levels cannot now be ruled out. Meanwhile, to the downside, there is support at 1. 3308, the low so far this session, and also just below that where trendline support lies. USD has been in the spotlight in recent webinars, as the pair continues to work on building a bear-flag formation spanning back over a month now. 75-area, helping further along the pattern. Aussie is currently trying to make its way higher off the lower parallel, and may indeed rally in the very short-term.