• GBP/ AUD rose higher on Wednesday as lower commodities prices and debt ceiling jitters weighed on Australian dollar.
• The pair currently is approaching resistance at 1.7677( 11DMA). A break above would unmask 1.7800 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 62,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.8927(23.6%fib), any close above will push the pair towards 1.8992 (Higher BB).
• Immediate support is seen at 1.8758 (5DMA) and break below could take the pair towards 1.8637 (38.2%fib).
Recommendation: Good to buy around 1.8800, with stop loss of 1.8700 and target price of 1.8880
