FxWirePro: GBP/AUD bullish outlook with scope to target 1.9750 level

• GBP/AUD rose sharply on Wednesday  as below-forecast Aussie Q3 GDP data hurt Australian dollar.

• Australia's economy grew by less than expected in the third quarter as a government splurge on defence and infrastructure only barely made up for softness in consumer and business spending.

• Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product rose 0.3% in the September quarter, missing market forecasts of 0.4%.

•  A daily close above 38.2%fib will further improve the technical outlook, and open the possibility of a rally towards 1.9750 level    
 
• Technical are bullish, daily RSI is  up at 62 , daily momentum studies  9 and 10 DMAs are trending north. 

• Immediate resistance is located at 1.9749(38.2%fib ), any close above will push the pair towards 1.9883 (23.6%fib).

• Strong support is seen at 1.9682(Oct 30th low ), and break below could take the pair towards 1.9642 (50%fib).

Recommendation: Good to buy  around 1.9680 with stop loss of 1.9600 and target price of 1.9750