FxWirePro:GBP/AUD downside pressure is building, chances of a bigger collapse to key fibo support grows
FxWirePro: GBP/AUD maintains bullish bias with focus on 1.8400
• GBP/ AUD initially gained on Wednesday after surprise UK inflation numbers but gave up some ground ahead of FOMC decision later today.
• GBP/ AUD likely to remain range-bound ahead of FOMC meeting later today.
• Technical signals are strongly bullish as RSI is bullish at 55, 5, 9 DMAs are trending up.
• Immediate resistance is located at 1.8319 (38.2%fib), any close above will push the pair towards 1.8383(Higher BB).
• Immediate support is seen at 1.8287 (5DMA) and break below could take the pair towards 1.8217 (50%fib).
Recommendation: Good buy around 1.8300, with stop loss of 1.8215 and target price of 1.8400