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FxWirePro: GBP/AUD consolidates around 1.8570, maintains bullish bias

• GBP /AUD strengthened on Monday as improved risk appetite and short covering supported sterling. 

• The pair is holding near today's high, repeated failures to close below 1.8577 (38.2%fib) support is bullish sign.

• Technical signals are bullish as RSI is at, daily momentum studies  5, 9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.8577 (38.2%fib), any close above will push the pair towards 1.8643(20th Dec high).

• Immediate support is seen at 1.8509(50%fib) and break below could take the pair towards 1.8437 (61.8%fib).

Recommendation: Good to buy on dips around 1.8570, with stop loss of 1.8500 and target price of 1.8630.

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