FxWirePro:GBP/AUD getting back on track for a run toward 1.8600
• GBP/AUD initially dipped on Monday but recovered some ground as investors focus was on whether or not the Bank of England will raise interest rates at its December meeting. • Money markets currently price in about 13 b…
• GBP/AUD initially dipped on Monday but recovered some ground as investors focus was on whether or not the Bank of England will raise interest rates at its December meeting.
• Money markets currently price in about 13 basis points worth of tightening at the BoE's Dec. 16 meeting.
• Technical signals highlight upside bullish trend as daily RSI is at 57, a daily bull hammer is forming on daily chart.
• Immediate resistance is located at 1.8589 (38.2%fib ), any close above will push the pair towards 1.8694 (23.6%fib ).
• Immediate support is seen at 1.8508(50%fib ), break below could take the pair towards 1.8427(161.8%fib).
Recommendation: Good to buy around 1.8500 with stop loss of 1.8400 and target price of 1.8600
