• GBP/AUD edged higher on Friday as bleak news on oil price deal between Saudi Arabia and Russia weighed on commodity related Australian dollar.
• At GMT 18:12, the pair was trading 0.04% higher at 2.0452, slightly lower from session high at 2.0530
• Any downside correction is likely to be temporary as barrier at 2.0190 (Trendline) is set to restricting lower move.
• Technical signals are bullish as RSI is at 65, daily momentum studies 5,9,21 DMA are trending north.
• On the upside, Immediate resistance is located at 2.0524 (Daily High ), any close above will push the pair towards 20600 (April 2nd high).
• On the downside, strong support is seen at 1.20329 (Daily low) and break below could take the pair towards 2.0190 (Trend line).
Recommendation: Good to buy on dips around 2.0250 with stop loss of 2.0190 and target price of 2.0850.
