• GBP /AUD rose on Monday as investors remained long as hopes grew that British and European negotiators might be able to salvage Brexit deal.
• The pair hit daily high at 1.8358 and was last trading at 1.8314 at (GMT 17:40).
• The pairs rise above the 1.8298 (38.2%fi) has reinforced the growing bullish strength, putting focus on resistance at 1.8155.
• Technical signals favours bullish sentiment, RSI is at 64 and the pair trades above daily moving averages.
• Immediate resistance is located at 1.8352 (Daily high), any close above will push the pair towards 1.8412 (23.6% fib).
• Immediate support is seen at 1.8286(38.2% fib) and break below could take the pair towards 1.8184 (50%fib).
Recommendation: Good to buy on dips around 1.8300, with stop loss of 1.8180and target price of 1.8410.
