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FxWirePro:GBP/AUD uptrend gains momentum, good to buy on dips

• GBP/ AUD rose sharply on Monday as Australian dollar weakened as commodity prices gave back more of their crisis-driven gains.

• Oil prices fell   on Monday as investors weighed positive comments from ceasefire talks between Russia and Ukrain.

• The pair currently is approaching resistance at 1.8128( 38.2%fib). A break above 1.8128 would unmask 1.8200 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is turning up at 28,while moving averages are trending higher. 

• Immediate resistance is located at 1.8128( 38.2%fib), any close above will push the pair towards 1.8238 (23.6fib).

• Immediate support is seen at 1.8049 (50%fib) and break below could take the pair towards 1.7964 (61.8%fib).

Recommendation: Good to buy around 1.8050, with stop loss of 1.7970 and target price of 1.8200

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