FxWirePro: GBP/AUD consolidating around 1.9200,bias is bullish

• GBP/AUD strengthened  on Wednesday   as sterling attracted buyers ahead of the key US inflation and UK GDP data.

• The upcoming release of UK GDP data on Thursday is expected to show that, GDP grew 0.3% in August from 0.2% previously.

• GBP/AUD gains near 38.2%fib,consolidation likely to continue while market seeks fresh factors.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 51.

•   Immediate resistance is located at 1.9192  (38.2% fib), any close above will push the pair towards 1.9331(23.6% fib).

• Strong support is seen at 1.9141(5DMA ) and break below could take the pair towards 1.9067 (50 % fib).

Recommendation: Good to buy around 1.9190 , with stop loss of 1.9100  and target price of 1.9270