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FxWirePro:GBP/AUD consolidating around 1.9175,room for further gains

• GBP /AUD strengthened  on Monday  as   below expectation Chinese GDP data dented Australian dollar .

• China's gross domestic product (GDP) grew 6.3% year-on-year in the second quarter, compared with analyst forecasts of 7.3%, as its post-pandemic recovery lost momentum.

• The pair hit daily high at 1.9235 and was last trading at 1.9176 at (GMT 18:06).

• Technical signals show the pair could gain more ground in the short-term as RSI is at 57,while moving averages and MACD are trending higher. 

• Immediate resistance is located at 1.9265 (23.6% fib), any close above will push the pair towards 1.9342 (Higher BB).

• Immediate support is seen at 1.9116 (38.2%fib) and break below could take the pair towards 1.9048(21DMA).

Recommendation: Good to buy on dips around 1.9160, with stop loss of 1.9060 and target price of 1.9250
 

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