• GBP/AUD rose on Wednesday after data showed British business activity picked up this month.
• British business activity rose this month, fueled by the fastest manufacturing growth in two years and the highest new orders since April 2023, according to PMI survey data released Wednesday.
•GBP/AUD is now on course to register a close above the 23.6%fib resistance level, chart points to bigger gains towards 1.9650.
• Technical signals are bullish as RSI is at 76, daily momentum studies 21 DMA, 5 EMA are trending up.
• Immediate resistance is located at 1.9614 ( 23.6%fib), any close above will push the pair towards 1.9638 ( Sep 7th 2023 high).
• Strong support is seen at 1.9471 (38.2%fib) and break below could take the pair towards 1.9370(50%fib).
Recommendation: Good to buy around 1.9570, with stop loss of 1.9450 and target price of 1.9650
