• GBP/ AUD rose sharply on Tuesday as easing concerns over the Omicron coronavirus variant boosted risk appetite.
• The pair currently is approaching resistance at 38.2%fib. A break above would unmask 1.8600 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 55,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.8580( 38.2%fib), any close above will push the pair towards 1.8665 (23.6%fib).
• Immediate support is seen at 1.8549 (5DMA) and break below could take the pair towards 1.8508 (38.2%fib).
Recommendation: Good to buy around 1.8550, with stop loss of 1.8450 and target price of 1.8600
