FxWirePro: GBP/AUD range to extend until there is game changing news

•GBP/AUD traded in tight range on Monday as investors were cautious ahead of a Reserve Bank of Australia speech and NAB business conditions data .

• GBP/AUD fell as low as 1.8748 before buyers returned and underpinned .Support at   (50% fib ) at is   holding  but break would warn of correction.

• Technical signals are bullish as RSI is at 51, daily momentum studies  5,9 and 11 DMAs are trending up. 

• Immediate resistance is located at 1.8837 ( 38.2%fib), any close above will push the pair towards 1.8937 (23.6%fib).

Strong support is seen at 1.8748 (50% fib ) and break below could take the pair towards 1.8711 (11DMA).

Recommendation: Good to buy  around 1.8770, with stop loss of 1.8670 and target price of 1.8900.