FxWirePro: GBP/AUD rises to highest level since Oct 6th,good to buy on dips
• GBP/AUD rose on Friday as the pair was swept up in global market swings that weakened the Australian dollar broadly.
• News of a new, possibly vaccine-resistant coronavirus variant spooked global financial markets on Friday.
• Technical signals are bullish as RSI is at 66, daily momentum studies 5 ,11 and 21 DMA’s are trending up.
• Immediate resistance is located at 1.8768 (23.6%fib ), any close above will push the pair towards 1.8800 (Psychological level).
• Strong support is seen at 1.8666 (38.2%fib) and break below could take the pair towards 1.8582 (50%fib).
Recommendation: Good to buy on dips around 1.8700 with stop loss of 1.8500 and target price of 1.8800.