GBP/USD Pops 1.71; AUD/USD Extends New Highs on the Year

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The biggest movers so far during the 7/1 session was the Great Britain Pound and the Australian Dollar. Both of these pairs are making fresh highs on the year and there are no signs their bullish trends can’t continue. As the market starts to consider these rallies overbought, we should also look for buyers on the dips.

The GBP/USD uptrend has been in place longer and it is showing overbought conditions in the weekly, daily and 4H charts. The AUD/USD’s bullish trend is still relatively young, and has more room to go before showing overbought conditions in the daily chart.

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