• GBP /AUD rose on Friday after data showed the British economy grew more than expected in June.
• British economic output grew by 0.5% in June, figures from the Office for National Statistics showed , above expectations in a poll of economists which had forecast growth of 0.2%.
• The pair hit daily high at 1.9553,highest since August 8th.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 66 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9553 (Daily high), any close above will push the pair towards 1.9648(23.6%fib).
• Immediate support is seen at 1.9477 (5DMA) and break below could take the pair towards 1.9426 (38.2%fib).
Recommendation: Good to buy on dips around 1.9550, with stop loss of 1.9300 and target price of 1.9640
