FxWirePro: GBP/AUD consolidates around 1.8560,bias is bullish
• GBP/AUD initially declined on Tuesday but recovered ground as UK's GBP 1 bln pandemic support kept cross pair in consolidation mode. • UK announced 1 billion pounds ($1.3 billion) of support on Tuesday for businesses h…
• GBP/AUD initially declined on Tuesday but recovered ground as UK's GBP 1 bln pandemic support kept cross pair in consolidation mode.
• UK announced 1 billion pounds ($1.3 billion) of support on Tuesday for businesses hit hardest by the wave of COVID-19 cases.
•The pound recovered against Australian dollar. It was up 0.15% at 1.8563.
• Bullish momentum is likely to pick up with a move above 38.2% fib, which would target resistance at at 1.8647 (Dec 20th high)
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• Immediate resistance is located at 1.8577 (14DMA ), any close above will push the pair towards 1.8598(38.2%fib).
•Immediate support is seen at 1.8505 (50%fib ) and break below could take the pair towards 1.8410(61.8% fib).
Recommendation: Good to buy around 1.8540, with stop loss of 1.8450 and target price of 1.8650
