• GBP/ AUD initially gained on Thursday but gave up some ground after U.S. data showed a mixed picture .
• U.S. consumer spending accelerated in July with an 0.8% increase, but slowing inflation strengthened expectations that the Fed would keep interest rates unchanged next month.
• Technical signals are bullish RSI implies upward shorter-term momentum is in place,while moving averages are tending higher
• Immediate resistance is located at 1.9587( 5DMA), any close above will push the pair towards 1.9728 (23.6% fib).
• Immediate support is seen at 1.9494 (38.2% fib) and break below could take the pair towards 1.9377(Aug 10th low).
Recommendation: Good to buy around 1.9540, with stop loss of 1.9450 and target price of 1.9630
