• GBP/ AUD dipped on Tuesday as gains in copper, iron ore and China's moves to stabilise the yuan boosted Australian dollar against pound .
• The Australian dollar often functions as a liquid proxy for the CNY. Dalian iron ore rose 1.5% to a 2-year high at 786.50.
• At GMT 16:45, the pair was trading down 0.33 percent at 1.9823,lowest since 116th August.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 67,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.9924(23.6%fib), any close above will push the pair towards 2.0013( Higher BB).
• Immediate support is seen at 1.9787 (Daily low) and break below could take the pair towards 1.9715(9DMA).
Recommendation: Good to buy around 1.9800, with stop loss of 1.9620 and target price of 1.9900
