FxWirePro: GBP/AUD gains as UK GDP helps longs take the reins, bullish bias increases

• 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