FxWirePro: GBP/AUD holds above 5-DMA, intraday bias higher

• The pound sterling remains supported amid optimism over a possible deal between UK Tories and DUP Party to allow PM Theresa May to maintain a minority government. 
   
• Further data released earlier today showed United Kingdom BBA Mortgage Approvals registered at 40.35K above expectations (40.3K) in May.
   
• GBP/AUD has retraced a brief dip below 200-DMA and has edged higher from multi-week lows at 1.6611.
   
• Technical indicators have turned slightly bullish, the pair is holding support by cloud base at 1.6777.
   
• Stochs have shown a rollover from oversold levels and RSI above 50 levels could add further upside bias.
   
• 200-DMA at 1.6667 is strong support on the downside and any weakness only on decisive break below.
   

Support levels - 1.6777 (cloud base), 1.6764 (5-DMA), 1.6667 (200-DMA)

Resistance levels - 1.6865 (June 19 high), 1.6983 (38.2% Fib), 1.6982 (20-DMA)

Recommendation: Good to go long around 1.6780/90, SL: 0.6730, TP: 1.6865/ 1.69/ 1.6920.

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