FxWirePro: GBP/AUD consolidating around 1.8988, bias is bullish

• GBP /AUD strengthened on Friday   after the centre-left Labour Party surged to a comprehensive win in a parliamentary election

• Labour won a massive majority in the 650-seat parliament while Rishi Sunak's Conservatives suffered the worst defeat in the party's long history as voters punished them for a cost of living crisis

• The pair hit daily high at 1.9036 and was last trading at 1.8988 .

• A close above 38.2%fib resistance, would add to sterling's bullish structure, opening the way for a test of  1.9050.

• Immediate resistance is located at 1.9028(38.2%fib), any close above will push the pair towards 1.9118 (23.6%fib)

• Immediate support is seen at 1.8955(50%fib) and break below could take the pair towards 1.8874475 (61.8%fib).

Recommendation: Good to buy around 1.8980 , with stop loss of 1.8900 and target price of 1.9050