• GBP/AUD initially strengthened on Wednesday but gave up some ground on concerns of spreading COVID variant.
• At GMT 20:52, the pair was trading up 0.05 percent at 1.8525 after reaching daily low at 1.8504.
• Bullish momentum is likely to pick up with a move above 38.2% fib, which would target resistance at the 23.6%fib at 1.8639.
• Immediate resistance is located at 1.8559 (38.2%fib ), any close above will push the pair towards 1.8639 (23.6%fib).
•Immediate support is seen at 1.8500 (50%fib ) and break below could take the pair towards 1.8471(11DMA).
Recommendation: Good to buy around 1.8525, with stop loss of 1.8430 and target price of 1.8600.
