• GBP /AUD strengthened on Wednesday as more dovish remarks from the Reserve Bank of Australia and lower commodity prices continued to weigh on Australian dollar.
• Oil prices fell on Wednesday as industry data pointed to a big build in oil stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply.
• The pairs rise above the 1.8322 (50%fib) has reinforced the growing bullish strength, putting focus on resistance at 1.8400.
• Immediate resistance is located at 1.8409 (61.8% fib), any close above will push the pair towards 1.7744 (61.8% fib).
• Immediate support is seen at 1.8322 (50%fib) and break below could take the pair towards 1.8236 (38.2%fib).
Recommendation: Good to buy on dips around 1.8360, with stop loss of 1.8200 and target price of 1.8420.
