• GBP/AUD rally extended towards 1.7900 on Tuesday as sterling continued to enjoy a boost from UK's rapid rollout of COVID-19 vaccines.
• The rallied above 1.7900 level, lift stops after finding resistance at 1.7919 (23.6%fib).
• GBP/AUD remains strongly bullish, only a break and daily close below 1.7778 will shift bias to the downside.
• Technical are bullish, daily RSI is negative at 57, daily momentum studies 5,9 and 11 DMAs are trending north.
• Immediate resistance is located at 1.7919 (38.2%fib ), any close above will push the pair towards 1.8000 (Psychological level).
• Strong support is seen at 1.7620 (5DMA) and break below could take the pair towards 1.7778 (50%fib).
Recommendation: Good to buy around 1.7900, with stop loss of 1.7800 and target price of 1.8050.
