• GBP/AUD extended its yesterday’s bounce as upbeat UK GDP data boosted sterling against weaker Australian dollar.
• England's economy grew by a more than-anticipated 2.1% in March from February, building up momentum for what is expected to be a sharp rebound this year after its profound Covid drop of 2020.
•The pair is currently approaching resistance at 1.8232(23.6% fib). Break above will further strengthen upside in the pair.
• Technical signals are bullish as RSI is at 46, daily momentum studies 50 DMA, 5 EMA are trending up.
• Immediate resistance is located at 1.8232 ( 23.6%fib), any close above will push the pair towards 1.8252 ( 300DMA).
• Strong support is seen at 1.8146 (38.2%fib) and break below could take the pair towards 1.8100(Psychological level).
Recommendation: Good to buy around 1.8150, with stop loss of 1.8050 and target price of 1.8250
