• GBP/AUD strengthened on Thursday as stronger than expected UK GDP data boosted Sterling.
• UK economic output increased by 0.4% in May, after zero growth in April, the Office for National Statistics said. A poll of economists had pointed to a 0.2% monthly increase.
• Pair traded in 1.9090/1.9012 range and was last trading at 1.9076 in the US afternoon.
• Technical signals are bullish as RSI is at 51, daily momentum studies 5,9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.9109 (38.2%fib), any close above will push the pair towards 1.9169(23.6%fib).
• Strong support is seen at 1.9063(50%fib ) and break below could take the pair towards 1.9018 ( (61.8%fib).
Recommendation: Good to buy around 1.9070, with stop loss of 1.8950 and target price of 1.9150
