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FxWirePro: GBP/AUD consolidating around 1.9450, room for further gains

• GBP/ AUD strengthened   on Monday as markets continued to digest the previous week's 25-basis-point rate increase by the Bank of England.

• Central bank expectations is supporting sterling, as inflation remains resilient in the UK economy, though any significant signs of a recession would undermine the pound.

• A rally towards 1.9550 is   possible if  GBP/ AUD bulls overcome resistance at 23.6%fib.

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

• Immediate resistance is located at 1.9465 ( 23.6%fib), any close above will push the pair towards 1.9526 (Higher BB).

• Immediate support is seen at 1.9365 (5DMA) and break below could take the pair towards 1.9295 (38.2%fib).

Recommendation: Good to buy around 1.9440, with stop loss of 1.9380 and target price of 1.9550

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