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FxWirePro: GBP/AUD finds strong support at the 38.2% fib, hovers around

• GBP/AUD initially dipped but recovered ground  on Wednesday    as the   investors digested  U.S. presidential election results.

• Trump beat Democrat Vice President Kamala Harris to retake the White House while Republicans also won a U.S. Senate majority.

• In an up-and-down session, the pair hit low at 1.9566 in early trading then gained towards 1.9620.  

• Technical are bullish, daily RSI is positive at 53, daily momentum studies  9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.9700 (23.6% fib), any close above will push the pair towards 1.9770(Daily high).

• Strong support is seen at 1.9594(38.2% fib) and break below could take the pair towards 1.9511 (50% fib).

Recommendation: Good to buy on  around 1.9610, with stop loss of 1.9500 and target price of 1.9680
 

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