• GBP /AUD rose higher on Wednesday as optimism on the COVID 19 vaccine rollout boosted sterling.
• Britain’s successful initial vaccine rollout has helped the pound, although its death toll from the coronavirus pandemic passed 100,000 on Tuesday.
• The pair hit daily high at 1.7865 and was last trading at 1.7841 at (GMT 15:12).
• The pairs rise above the 1.7770 (38.2%fib) has reinforced the growing bullish strength, putting focus on at 1.7900 psychological level.
• Immediate resistance is located at 1.7853 (23.6% fib), any close above will push the pair towards 1.7925 (24th Dec high).
• Immediate support is seen at 1.7770 (38.2%fib) and break below could take the pair towards 1.7698 (50%fib).
Recommendation: Good to buy on dips around 1.7800, with stop loss of 1.7700 and target price of 1.7920.
