• GBP/AUD strengthened on Monday as GBP was supported by slightly better than expected UK GDP print.
• Britain's economy rebounded in October a little more strongly than expected from September . Gross domestic product grew by 0.5% after September's 0.6% contraction.
• A rally towards is 1.8250 level is possible if GBP/AUD bulls overcome resistance at 1.8240 (23.6%fib ).
• Technical signals are bullish as RSI is at 62, daily momentum studies 5 DMA, 9 EMA are trending up.
• Immediate resistance is located at 1.8240 (23.6%fib ), any close above will push the pair towards 1.8286(Higher BB).
• Strong support is seen at 1.8065(9DMA) and break below could take the pair towards 1.7955 (38.2%fib).
Recommendation: Good to buy on dips around 1.8180 with stop loss of 1.8110 and target price of 1.8250
