• GBP/AUD strengthened on Wednesday as the pair was propelled by surprise US Inflation data.
• At GMT 20:19, the pair was trading up 0.70 percent at 1.9255 after reaching daily high at 1.9299.
• Technical signals are bullish as RSI is at 52, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.9309 (23.6%fib ), any close above will push the pair towards 1.9378(April 1st high).
• Strong support is seen at 1.9196 (38.2% fib) and break below could take the pair towards 1.9112(50% fib).
Recommendation: Good to buy on dips around 1.9240, with stop loss of 1.9150 and target price of 1.9330
