• GBP/AUD extended gains towards 1.9480 lingering concerns about china’s economy and lower commodities prices weighed on Australian dollar
•China surprised markets by lowering a key short-term policy interest rate and benchmark lending rates to boost its economy.
• Copper was down 0.83% but off its worst levels of the day after touching its lowest in more than 3-1/2 months.
• Technical signals are bullish as RSI is at 72, daily momentum studies 50 DMA, 5 EMA are trending up.
• , Immediate resistance is located at 1.9482 ( 38.2%fib), any close above will push the pair towards 1.9631 ( 21 DMA).
• Strong support is seen at 1.9380 (50%fib) and break below could take the pair towards 1.9258(61.8%fib).
Recommendation: Good to buy around 1.9450, with stop loss of 1.9350 and target price of 1.9520
