• GBP/AUD gained on Thursday as risk aversion and escalating trade battle between China and the United States Asia weighed on Australian dollar.
• At GMT 17.49, the pair was trading up 0.71 percent at 1.9220 after reaching daily low at 1.9015.
• GBP/AUD probing the 23.6%fib resistance zone,consolidation likely to continue while market seeks fresh factors.
• Technical signals are bullish as RSI is at 67, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.9220 (23.6%fib ), any close above will push the pair towards 1.9276 (Higher BB).
• Strong support is seen at 1.9072 (5 DMA) and break below could take the pair towards 1.9015 (38.2% fib).
Recommendation: Good to buy on dips around 1.9200, with stop loss of 1.9110and target price of 1.9280.
