FxWirePro: GBP/AUD uptrend stalled, progress needed soon to sustain gains

• GBP/AUD shed earlier gains on Wednesday as rising COVID delta variant cases threatened UK's expected reopening in July weighed on the pair.

• GBP/AUD fell as low as 1.8382 after reaching daily high at 1.8487 . GBP/AUD   last stood at 1.8416 in late US session.

•Investors are focused on Thursday's Mansion House speech by the BoE Governor Andrew Bailey, which may provide a glimpse at which way the bank is leaning on rates.

• Technical signals are bullish as RSI is at 57, daily momentum studies  10,11 and 14 DMAs are trending up. 

• Immediate resistance is located at 1.8453( 23.3%fib), any close above will push the pair towards 1.8493(Higher BB).

• Support is seen at 1.8358 (38.2% fib ) and break below could take the pair towards 1.8331 (30 DMA).

Recommendation: Good to buy around  1.8400, with stop loss of 1.8310 and target price of 1.8480