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FxWirePro: GBP/AUD hits 1-week high, scope for further upside

• GBP/AUD rose higher on Thursday  as comments  from BoE policymaker Catherine Mann supported the pair.

• Bank of England rate-setter   Mann said on Thursday that supply chain disruption from hostilities in the Red Sea could quickly feed into companies' pricing decisions, exacerbating Britain's inflation problem.

• Mann said her decision last week to vote to raise interest rates to 5.5% from 5.25% was  not easy . Most Monetary Policy Committee members voted to leave rates on hold, and one voted for a cut.

• A rally towards is  1.9550 level is  possible if  GBP/AUD bulls overcome resistance at 1.9456(23.6%fib ).

• Technical signals are bullish as RSI is at 64, daily momentum studies  5 ,9 and 11 DMA's,  are trending up. 

•  Immediate resistance is located at 1.9456(23.6%fib ), any close above will push the pair towards 1.9513(Higher BB).

• Strong support is seen at 1.9343(Daily low) and break below could take the pair towards 1.9293 (38.2%fib).

Recommendation: Good to buy on dips around 1.9440 with stop loss of 1.9300 and target price of 1.9520

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