• GBP/AUD strengthen on Thursday as traders remained long after data showed the UK economy grew in line with expectations in August.
• Official data showed the economy expanded by 0.2% in August from July, in line with a poll of economists.
• The is pair heading towards 23.6% fib resitence, as near term direction of the pair is likely to be driven by current price action.
• Technical are bullish, daily RSI is positive at 26, daily momentum studies 9 and 10 DMAs are trending up .
• Immediate resistance is located at 1.9312 (23.6% fib), any close above will push the pair towards 1.9394 (Jul 11th high).
• Strong support is seen at 1.9181 (5DMA) and break below could take the pair towards 19143 (38.2% fib).
Recommendation: Good to buy around 1.9270, with stop loss of 1.9160 and target price of 1.9350
