• GBP/AUD regained ground on Wednesday amid falling commodities prices and a cooling risk appetite.
• WTI fell 2.86% as lower EIA crude inventories raised doubts about demand from China.
• Copper dipped 0.09% as it retreated from a 10-week high, influenced by a strengthening dollar.
• Technical are bullish, daily RSI is positive at 51, daily momentum studies 11and 14 DMAs are trending up.
• Immediate resistance is located at 1.9558 (38.2%fib ), any close above will push the pair towards 1.9614 (Sep 16th high).
• Strong support is seen at 1.9431(50%fib) and break below could take the pair towards 1.9368 (61.8%fib).
Recommendation: Good to buy around 1.9500 , with stop loss of 1.9440 and target price of 1.9580