• GBP/ AUD strengthened on Wednesday as on softer-than-expected Australian wage data ,lower equities , commodities prices weighed on Australian dollar .
• The pair currently is approaching resistance at 1.7744 ( 38.2%fib). A break above 1.7744 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 60,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.7744( 38.2%fib), any close above will push the pair towards 1.7820 (Jan 23rd high).
• Immediate support is seen at 1.7614 (50%fib) and break below could take the pair towards 1.7537(5DMA).
Recommendation: Good to buy around 1.7680 with stop loss of 1.7580 and target price of 1.7750
