• GBP/AUD moved to hit daily high at 1.9835, before sellers stepped in, but the strong support at 1.9541 managed to curb the sharp downfall.
• Downfall may be limited as bids may emerge near 1.9541 support level.
• At GMT 16:54, the pair was trading 0.63% higher at 1.9664, highest since February 4th.
• From a technical viewpoint, the moving averages are pointing upwards, while the RSI is at bullish 63.05.
• On the upside, Immediate resistance is located at 1.9842( Daily high), any close above will push the pair towards 1.9900 (Psychological level).
• On the downside, strong support is seen at 1.9647 (23.6% fib ) and break below could take the pair towards 1.9159 (38.2% fib).
Recommendation: Good to buy on dips around 1.9580, with stop loss of 1.9540 and target price of 1.9880.
