• GBP/ AUD traded a tight range on Monday as investors assessed the U.S. Federal Reserve's interest rate hike trajectory.
• Expectations for the path of the Fed's tightening cycle have swung back and forth, dictated by U.S. data and which Fed speaker takes centre-stage.
• At GMT 16:29, the pair was trading up 0.24 percent at 2.0032 easing from daily high 2.0107.
• Technical signals show the pair could gain more ground in the short-term as RSI is bullish at 62,while moving averages are trending higher.
• Immediate resistance is located at 2.0107(23.6%fib), any close above will push the pair towards 2.0137(Higher BB).
• Immediate support is seen at 1.9943(9DMA) and break below could take the pair towards 1.9898 (38.2%fib).
Recommendation: Good to buy around 2.0020 , with stop loss of 1.9900 and target price of2.0120
