• GBP /AUD strengthened on Wednesday as dip in UK COVID-19 infections boosted sterling’s upbeat sentiment across the board.
• Sterling’s sentiment was also lifted by an expected lessening of travel restrictions for visitors to England from abroad.
• The pair hit daily high at 1.8922 and was last trading at 1.8894 at (GMT 15:19).
• The pairs rise above the 38.2%fib has reinforced the growing bullish strength, putting focus on Psychological level at 1.9000.
• Immediate resistance is located at 1.8927 (Daily high), any close above will push the pair towards 1.8947 (23.6% fib).
• Immediate support is seen at 1.8828(38.2%fib) and break below could take the pair towards 1.8745 (50%fib).
Recommendation: Good to buy on dips around 1.8890, with stop loss of 1.8800 and target price of 1.9000.
