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FxWirePro :GBP/AUD holds above 1.7800,outlook is bullish

• 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.

  • Market Data
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