• GBP/ AUD steadied around 1.9545 on Monday as traders looked for key data for hints on the BoE's future interest rate hike trajectory.
• Figures on Friday from the Office for National Statistics showed British economic output growing by 0.5% in June, above expectations of economists in a poll for 0.2% growth.
•The stronger-than-expected showing raised expectations that the Bank of England will keep on raising interest rates.
• From a technical viewpoint, the moving averages are pointing upwards, while the RSI is strongly bullish at 64.
• Immediate resistance is located at 1.9564(Aug 8th high), any close above will push the pair towards 1.9629 (23.6%fib).
• Strong support is seen at 1.9490 (5DMA) and break below could take the pair towards 1.9455 (38.2%fib)
Recommendation: Good to buy around 1.9530 with stop loss of 1.9410 and target price of 1.9620
