• GBP /AUD initially dipped but recovered some ground as rising geopolitical tensions and a broad risk-off mood weighed on Australian dollar.
• Equity losses also weighed on the risk-sensitive Australian dollar.
• The pair hit daily high at 1.7679 and was last trading at 1.7490 late in US session.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 59 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.76664(23.6% fib), any close above will push the pair towards 1.7774 (Higher BB).
• Immediate support is seen at 1.7467 (9DMA) and break below could take the pair towards 1.7357 (38.2% fib).
Recommendation: Good to buy on dips around 1.7480, with stop loss of 1.7400 and target price of 1.7600.
