• GBP/AUD rose on Tuesday as Australian dollar slipped lower after Australia's current account unexpectedly swung into deficit in the March quarter.
• Data from the Australian Bureau of Statistics on Tuesday revealed a first-quarter current account deficit of A$4.9 billion ($3.27 billion), contrary to the forecasted A$5.1 billion surplus..
• A rally towards is 1.9300 level is possible if GBP/AUD bulls overcome resistance at 38.2%fib.
• Technical signals are bullish as RSI is at 57, daily momentum studies 5 , 9 DMA’s are trending up.
• Immediate resistance is located at 1.9223 (38.2%fib ), any close above will push the pair towards 1.9296(23.6%fib).
• Strong support is seen at 1.9167(50%fib) and break below could take the pair towards 1.9108 (50%fib).
Recommendation: Good to buy on dips around 1.9200 with stop loss of 1.9110 and target price of 1.9290
