• GBP/AUD declined on Monday as the pair ran into resistance after ticking up from 1.8983.
• GBP has been consolidating of late on rise in UK economic growth and hawkish BoE .
• GBP/AUD remains bullish, only a break and daily close below 50% fib at 1.8903 (50% fib).
will shift bias to the downside.
• Technical signals are bullish as RSI is at 54, daily momentum studies 5, 9 and 10 DMAs are trending north.
• Immediate resistance is located at 1.9008(38.2%fib ), any close above will push the pair towards 1.9143 (23.6%fib).
• Strong support is seen at 1.8947 (20DMA) and break below could take the pair towards 1.8903 (50% fib).
Recommendation: Good to buy on dips around 1.8980, with stop loss of 1.8900 and target price of 1.9060.
