• GBP/AUD edged higher on Wednesday but gains were limited as investors grew cautious ahead of speeches by Federal Reserve officials.
• At GMT 17:04, the pair was trading up 0.31 percent at 1.9363 after reaching daily high at 1.9378.
• A rally towards is 1.9450 level is possible if GBP/AUD bulls overcome resistance at 1.9390(23.6%fib ).
• Technical signals are bullish as RSI is at 60, daily momentum studies 5 DMA, 9 EMA are trending up.
• Immediate resistance is located at 1.9390(23.6%fib ), any close above will push the pair towards 1.9458(Higher BB).
• Strong support is seen at 1.9292(Daily low) and break below could take the pair towards 1.9241 (38.2%fib).
Recommendation: Good to buy on dips around 1.9350 with stop loss of 1.9200 and target price of 1.9440
