• GBP /AUD rally extended above 1.8300 on Monday as investors remained long ahead to the Bank of England’s policy meeting on Thursday.
• The pair hit daily high at 1.8407 and was last trading at 1.8354 at (GMT 15:17).
• The pairs rise above the 1.8306 (38.2% fib) has reinforced the growing bullish strength, putting focus on 1.8500 Psychological levels.
• Technical signals favours bullish sentiment, RSI is at 63 and pair trades above 5,9 & 11-DMAs.
• Immediate resistance is located at 1.8453 (23.6% fib), any close above will push the pair towards 1.8556(June 1st high).
• Immediate support is seen at 1.8306 (38.2% fib) and break below could take the pair towards 1.8186 (50%fib).
Recommendation: Good to buy on dips around 1.8340, with stop loss of 1.8180 and target price of 1.8450.
