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FxWirePro: GBP/AUD attracts buying interest, 23.6% fibonacci eyed

Thursday, March 4, 2021 5:21 PM UTC

• GBP/AUD recovered from earlier decline on Thursday as optimism of UK Finance minister Rishi Sunak's budget supported on British pound.

• The pullback from the 1.7860 daily low has passed through the 38.2% fibonacci retrace point at 1.7924 and now eyes the 23.6% fib at 1.8115.

• Technical signals are bullish as RSI is at 54, daily momentum studies 5 ,9 DMA’s are trending higher.

• Immediate resistance is located at 1.8013 ( Higher BB), any close above will push the pair towards 1.8115( 23.6%fib).

• Immediate support is seen at 1.7924 (38.2% fib) and break below could take the pair towards 1.7856 (30DMA).

Recommendation: Good to buy around 1.7920 with stop loss of 1.7760 and target price of 1.8110.

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FxWirePro: GBP/AUD attracts buying interest, 23.6% fibonacci eyed

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