• GBP/AUD ran into resistance on Wednesday after ticking up from 1.8489.
• GBP/AUD has been consolidating of late, as Australian dollar has come under pressure by stronger greenback and lower commodity prices.
• Technical signals are bullish as RSI is at 55, daily momentum studies 5, 9 and 10 DMAs are trending north.
• Immediate resistance is located at 1.8572 (38.2%fib ), any close above will push the pair towards 1.8675(23.6% fib).
• Strong support is seen at 1.8491 (50% fib) and break below could take the pair towards 1.85131(11DMA).
Recommendation: Good to buy on dips around 1.8500, with stop loss of 1.8400 and target price of 1.9570.
