• GBP/AUD edged higher on Monday but gains were limited due to reduced liquidity from the UK holiday.
• GBP/AUD edged higher slightly to 1.9471, consolidation likely to continue while market seeks fresh factors.
• A daily close above 38.2%fib will further improve the technical outlook, and open the possibility of a rally towards 1.9550level
• Technical are bullish, daily RSI is up at 53 , daily momentum studies 9 and 10 DMAs are trending north.
• Immediate resistance is located at 1.9545 (38.2%fib ), any close above will push the pair towards 1.9670 (Aug 6th high).
• Strong support is seen at 1.9431(50%fib ), and break below could take the pair towards 1.9304 (61.8%fib).
Recommendation: Good to buy around 1.9450 with stop loss of 1.9370 and target price of 1.9550
