• GBP/ AUD strengthened on Friday as weaker Australian dollar and expectation Bank of England will further hike interest boosted the pair.
• Newfound UK political stability, elevated BoE rate expectations to counteract rising UK inflation has given bulls momentum for further gains.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 59,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.1664 ( 38.2%fib), any close above will push the pair towards 1.1757(Higher BB).
• Immediate support is seen at 1.1515 (5DMA) and break below could take the pair towards 1.1413 (50%fib).
Recommendation: Good to buy around 1.1600, with stop loss of 1.1520 and target price of 1.1710
