• GBP/AUD strengthened on Monday as lower oil prices and soured risk sentiment weighed on Australia dollar.
•The pair is approaching 38.2% retracement at 1.7719, a daily close above which will accelerate towards 1.7750 level.
• From a technical viewpoint, the moving averages are pointing upwards, while the RSI is slowly curving up.
• Immediate resistance is located at 1.7719 ( 38.2%fib), any close above will push the pair towards 1.7920 ( Higher BB).
• Strong support is seen at 1.7495(5DMA ) and break below could take the pair towards 1.7435 (23.6%fib).
Recommendation: Good to buy around 1.7500, with stop loss of 1.7400 and target price of 1.7610.
