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

• GBP/ AUD strengthened on Friday as GBP  was boosted  by upbeat UK Feb services PMI.

• The final version of the S&P Global/CIPS UK services Purchasing Managers' Index (PMI) increased to 53.5 last month, up from 48.7 in January, the strongest rate of growth since June last year.

 • The pair currently is approaching resistance at 38.2%fib. A break above   would unmask 1.7900 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 58,while moving averages are trending higher.

• Immediate resistance is located at 1.7824 (38.2%fib), any close above will push the pair towards 1.7956(23.6%fib).

• Immediate support is seen at 1.7710(50%fib) and break below could take the pair towards 1.7644 (14DMA).

Recommendation: Good to buy around 1.7770, with stop loss of 1.6950 and target price of 1.7880

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