• 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
