• GBP/AUD initially dipped on Tuesday, but recovered most of the ground as market spotlight turned to UK’s Reopening plans and Federal reserve meeting on Wednesday.
• GBP/AUD hits daily low at 1.6706 but recovered to trade at 1.6776. Significant moves in this pair are likely to be limited ahead of Wednesday’s Federal Reserve meeting.
• Technical lean bullish, RSI is trending up , momentum studies, 5, 9,11 DMAs are trending southwards.
• Immediate resistance is located at 1.8444( 38.2%fib), any close above will push the pair towards 1.8500( Higher BB).
• Support is seen at 1.8381(50%fib) and break below could take the pair towards 1.8313 (61.8%fib).
Recommendation: Good to buy around 1.8400, with stop loss of 1.8315 and target price of 1.8480.
