• GBP/AUD fell back towards 1.7900 on Wednesday after failing to break resistance at 1.7946
• Despite today's GBP/AUD retreat from its highs, sterling bulls remain in control eyeing further gains versus the AUD.
• GBP/AUD has been consolidating of late, partly on UK’s successful vaccine rollout.
• Technical are bullish, daily RSI is postive at 56, daily momentum studies 5,9 and 11 DMAs are trending north.
• Immediate resistance is located at 1.7946 (38.2%fib ), any close above will push the pair towards 1.8000 (Psychological level).
• Strong support is seen at 1.7620 (5DMA) and break below could take the pair towards 1.7778 (50%fib).
Recommendation: Good to buy around 1.7900, with stop loss of 1.7800 and target price of 1.8050.
