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FxWirePro: GBP/AUD uptrend gains momentum after hawkish turn by Fed, good to buy on dips

• GBP/ AUD strengthened on Wednesday as the pair was boosted by  hawkish tone by Federal Reserve Chair Jerome Powell.

• In a knee-jerk reaction, the pair initially fell, but turned higher after Powell said that it was  very premature  to be thinking about pausing rate hikes.

• The pair currently is approaching resistance at 23.6%fib. A break above 11.8651 would unmask 1.8200 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 61,while moving averages and MACD are trending higher.

• Immediate resistance is located at 1.8012 ( 23.6%fib), any close above will push the pair towards 1.8218 (Higher BB).

• Immediate support is seen at 1.7823 (21DMA) and break below could take the pair towards 1.7706 (38.2%fib).

Recommendation: Good to buy around 1.7980, with stop loss of 1.7900 and target price of 1.8150

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