• GBP/AUD traded in tight ranges on Thursday as the pair struggled to build positive momentum as investors digested US economic data.
• Choppy overnight action leads to a short lived dip but buyers emerged near 50% fib support.
• Technical signals are slightly bullish as RSI is at 51 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9260 ( 38.2% fib), any close above will push the pair towards 1.9335 (Oct 24th high).
• Immediate support is seen at 1.9157 (20DMA) and break below could take the pair towards 1.9133 (50% fib).
• Recommendation: Good to buy around 1.9160, with stop loss of 1.9050 and target price of 1.9220
