FxWirePro: GBP/AUD range bound in the short term, primary trend still bullish

• GBP/AUD  eased  slightly on Wednesday  as market digested  mixed, but optimistic, UK GDP and output data .

• Gross domestic product (GDP) grew by 0.2% month-on-month - boosted by a rebound in retailing and house-building - after a fall of 0.1% in December, in line with economists' expectations in a Reuters poll.

•GDP shrank by 0.3% in the final quarter of 2023 and 0.1% in the quarter before - meeting the technical definition of recession widely used in Europe.

• Pair traded in   1.9330/1.9387 range and was last trading at 1.9329 in  the US afternoon session.

• Technical signals are bullish as RSI is at 50, daily momentum studies  5,9 and 10 DMAs are trending down.

•  Immediate resistance is located at 1.9440( 23.6%fib), any close above will push the pair towards 1.9511 (Higher BB )

• Strong  support is seen at 1.9285(38.2%fib ) and break below could take the pair towards 1.9213 (Lower BB).

Recommendation: Good  to buy around 1.9330, with stop loss of 1.9200 and target price of 1.9400