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FxWirePro: GBP/AUD tight ranges prevail as market waits for fresh catalyst

• GBP/ AUD initially gained  on Monday  but  gave up ground as the pair struggled for direction in holiday thin trade.

• A rally towards 1.9000 is   possible if  GBP/ AUD bulls overcome resistance at 23.6%fib.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 75,while moving averages and MACD are trending higher.

• Immediate resistance is located at 1.8958( 23.6%fib), any close above will push the pair towards 1.8994 (Higher BB).

• Immediate support is seen at 1.8826 (9DMA) and break below could take the pair towards 1.8701(38.2%fib).

Recommendation: Good to buy around 1.8870, with stop loss of 1.8800 and target price of 1.8940

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