FxWirePro: GBP/AUD steadies above 1.7600 after November UK GDP data, good to buy on dips
• GBP/AUD strengthened on Friday after data showed Britain’s national lockdown in November was less damaging for the economy than expected.
• Britain’s economy shrank in November,but the 2.6% monthly decline was smaller expected.
• The pair hit daily high at 1.7663 and was last trading at 1.7657 at (GMT 14:56).
• The pairs rise above the 1.7587 has reinforced the growing bullish strength, putting focus on resistance at 1.7740.
• Immediate resistance is located at 1.7654 (50% fib), any close above will push the pair towards 1.7744 (61.8% fib).
• Immediate support is seen at 1.7587 (5DMA) and break below could take the pair towards 1.7553 (38.2%fib).
Recommendation: Good to buy on dips around 1.7600, with stop loss of 1.7500 and target price of 1.7710.