• GBP/AUD gained on Thursday as pound was supported by rapid vaccine distribution and growing evidence that the easing of pandemic restrictions is supporting UK growth.
• GBP/AUD rose 0.47%, finding buyers above the 100DMA and failed key support break at 23.6%fib. GBP/AUD bulls now target the 50 % fib at 1.9398.
• At GMT 17:58, the pair was trading up 0.44 percent at 1.7956 after reaching daily low at 1.9165.
• Technicals highlight upside risks-rising daily RSIs imply upside momentum, the 5-day moving is rising and the 100-DMA helped limit GBP/AUD downside.
• Immediate resistance is located at 1.7996(38.2%fib ), any close above will push the pair towards 1.8050 (April 19th high).
• Strong support is seen at 1.7932(50%fib ) and break below could take the pair towards 1.7866(61.8%fib)
Recommendation: Good to buy on dips around 1.7920, with stop loss of 1.7800 and target price of 1.8000
