FxWirePro: GBP/AUD runs out of steam but maintains bullish outlook

 • GBP/AUD initially strengthened on Tuesday but gave up some ground on concerns of spreading COVID variant .  

• At GMT 15:13, the pair was trading down 0.13 percent  at 1.8591 after reaching daily high at 1.8592.

• Bullish momentum is likely to pick up with a move above 23.6%fib, which would target resistance  at the Higher BB at 1.8720.

• Immediate resistance is located at 1.8680 (23.6%fib ), any close above will push the pair towards 1.8720 (Higher BB).

•Immediate support is seen at 1.8568 (23.6%fib ) and break below could take the pair towards 1.8535 (11DMA).

Recommendation: Good to buy   around 1.8580, with stop loss of 1.8500 and target price of 1.8640.