• GBP / AUD edged higher on Monday but gains were limited amid holiday-thinned trading volumes.
• Trading remained thin with both U.K. and U.S. markets closed for holidays, resulting in low liquidity conditions and potentially exaggerated price movements.
• Looking ahead, attention will shift to key domestic eonomic data from Australia, which could influence RBA expectations and drive further price action in GBP / AUD .
• Technical signals are bullsih as RSI is heading up at 75, daily momentum studies 11, 14 and 21 DMAs are trending up.
• Immediate resistance is located at 2.0977(Higher BB), any close above will push the pair towards 2.1115(38.2% fib).
• Strong support is seen at 2.0822(50% fib) and break below could take the pair towards 2.0685 (May 20th low)
Recommendation: Good to buy around 2.0900, with stop loss of 2.0820 and target price of 2.1000
