• GBP /AUD strengthened on Thursday downbeat Australian Oct Jobs data broadly weighed on Australian dollar.
• Australian employment suffered a sudden decline in October and the unemployment rate skyrocketed as coronavirus lockdowns continued to plague the labor market.
• The pair hit daily high at 1.8373 and was last trading at 1.8327 at (GMT 15:46).
• Technical signals show the pair could gain more ground as RSI is turning up, and 5 and 10DMAs are pointing higher.
• Immediate resistance is located at 1.8333 (38.2% fib), any close above will push the pair towards 1.8445 (50% fib).
• Immediate support is seen at 1.8268 (5DMA) and break below could take the pair towards 1.8199 (23.6%fib).
Recommendation: Good to buy on dips around 1.8310, with stop loss of 1.8230 and target price of 1.8380.
