• GBP /AUD after initially gaining on Monday the pair retreated as worries over a deep downturn in major economies lingered.
• In an up-and-down session, the pair hit high at 1.7281 in early trading then retreated towards 1.9051.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 64 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9107 (Daily high), any close above will push the pair towards 1.9205 (23.6%fib).
• Strong support is seen at 1.9000(38.2%fib) and break below could take the pair towards 1.8905 (5DMA )
Recommendation: Good to buy around 1.9020 with stop loss of 1.8900 and target price of 1.9100
