• GBP/ AUD rose sharply on Tuesday as sterling rose on back of upbeat UK PMI data.
• The preliminary flash reading of the S&P Global/CIPS UK Composite Purchasing Managers' Index (PMI) jumped to 53.0 in February from 48.5 in January.
• GBP/ AUD has seen a 1.7403-1.7649 range on Tuesday, chart points to an overshoot above 1.7700 level.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 57,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.7653( Daily high), any close above will push the pair towards 1.7691 (38.2%fib).
• Immediate support is seen at 1.7599 (50%fib) and break below could take the pair towards 1.7501(61.8%fib).
Recommendation: Good to buy around 1.7620, with stop loss of 1.7520 and target price of 1.7700
