• GBP/AUD gained on Friday as markets took heart from UK's rapid vaccine rollout despite UK GDP data showing UK output slumped in 2020.
• Britain’s economy shrank 9.9% in 2020, which is the biggest annual decline in output in more than 300 years.
• At GMT 19:50, the pair was trading up 0.22 percent at 1.7856 after reaching daily low at 1.7782.
• 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 1.7887 (9DMA ), any close above will push the pair towards 1.7927(38.2%fib).
• Strong support is seen at 1.7781 (50%fib) and break below could take the pair towards 1.7700 (Psychological level).
Recommendation: Good to buy on dips around 1.7750, with stop loss of 1.7600 and target price of 1.7900.
