• GBP/AUD strengthened on Tuesday as upbeat COVID outlook and receding lockdowns in UK supported the pair.
• GBP/AUD hits daily high at 1.8084 after rallying off from 1.8071 (intra-day low) .The cross pair was last trading up 0.72 at 1.8072 (GMT 18:13)
• Sterling outperformed Australian dollar on Tuesday but more losses are ahead, only a break and daily close above 1.8127 (38.2% fib) will shift bias to the upside.
• Immediate resistance is located at 1.8108 (Higher BB ), any close above will push the pair towards 1.8136 (38.2%fib ).
• Strong support is seen at 1.7978 (50%fib) and break below could take the pair towards 1.7936 (30DMA).
Recommendation: Good to sell on around 1.8070, with stop loss of 1.8130 and target price of 1.8000
