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FxWirePro:GBP/AUD dip buyers emerge, a bullish phase may have begun

• GBP/AUD steadied on Wednesday as investors debated Britain's highest ever monthly budget surplus in January could mean for the Bank of England (BoE) monetary outlook. • Britain ran a budget surplus of 16.7 billion poun…

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FxWirePro:GBP/AUD dip buyers emerge, a bullish phase may have begun
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• GBP/AUD steadied  on Wednesday  as investors debated  Britain's highest ever monthly budget surplus in January  could mean for the Bank of England (BoE) monetary outlook. 

• Britain ran a budget surplus of 16.7 billion pounds ($21.1 billion) in January, due to record seasonal tax inflows.

• At GMT 18:16, the pair was trading up 0.11 percent  at 1.9287 recovering from daily low at1.9210 .

• Technical are bullish, daily RSI has turned higher at 51, daily momentum studies  5 and 9 DMAs are trending up. 

• Immediate resistance is located at 1.9348(23.6% fib), any close above will push the pair towards 1.9394(Feb  15th high).

• Strong support is seen at 1.9199 (38.2% fib) and break below could take the pair towards 1.9160(Lower BB).

Recommendation: Good to buy  around 1.9280, with stop loss of 1.9200 and target price of 1.9360
 

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