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FxWirePro: GBP/AUD steadies above 1.7550, retains bid tone

• GBP/ AUD rose on Wednesday as pound  was supported  by 30-year high UK inflation data.

•Data showed  British consumer prices jumped to an annual rate of 7.0% in March, the highest since March 1992 and up from 6.2% in February.

• The pair currently is approaching resistance at 1.7685 (30DMA). A break above would unmask 1.7800 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55,while moving averages and MACD are trending higher. 

• Immediate resistance is located at 1.7685( 30DMA), any close above will push the pair towards 1.7797 (38.2%fib).

• Immediate support is seen at 1.7507 (50%fib) and break below could take the pair towards 1.7409(April 12th Low).

Recommendation: Good to buy around 1.7580, with stop loss of 1.7400 and target price of 1.7680
 

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