FxWirePro: GBP/AUD extends gains, potential for bullish continuation

• GBP/AUD extended gains towards 1.9520  as Australian dollar was undermined by concerns over China's economy and sliding prices of metals.

• Copper prices extended their fall to a seventh consecutive session on Tuesday to hit their lowest in three and a half months on growing concern over demand in top consumer China.

• Iron ore futures hit three-month low as China's third plenum fails to boost demand.

• Technical signals are bullish as RSI is at 74, daily momentum studies  21 DMA, 5 EMA are trending up.

•  , Immediate resistance is located at 1.9530 ( 23.6%fib), any close above will push the pair towards 1.9566 ( Higher BB).

• Strong support is seen at 1.9421 (38.2%fib) and break below could take the pair towards 1.9333(50%fib).

 Recommendation: Good to buy around 1.9500, with stop loss of 1.9350 and target price of 1.9600