GBP-crosses are heading higher fuelled by greater certainty to Brexit proceedings, says Sejul Gokal, Chief Technical Strategist at GO-TechniKAL Insight, and GBP/AUD may be the most bullish expression of this move.

Gokal thinks the recent news out of the Brexit Party, which is paving the way for a Tory majority, is pushing GBP higher. After scanning through various GBP pairs he says GBP/AUD stands out as the most tradable because it appears to be have completed a bull flag continuation pattern (see Chart). Using standard projection techniques, he arrives at a 1.97 target area which is where a long-term 61.8% Fibonacci retracement level is also located.

See Chart.