• GBP/AUD dipped on Wednesday as focus shifted to minutes of July FOMC meeting for clues on policy.
• Pullback extended below 1.8200, downtrend stops after finding support at 1.8164 (50% fib).
• GBP/AUD remains bullish, only a break and daily close below 1.8105 (50 DMA) will shift bias to downside.
• From a technical viewpoint, RSI is bullish at 60.00, daily momentum studies, 5, 9 are trending up.
• Immediate resistance is located at 1.8295 (38.2% fib ), any close above will push the pair towards 1.8396 (Higher BB).
• Strong support is seen at 1.8164 (50% fib) and break below could take the pair towards 1.8105 (50 DMA).
Recommendation: Good to buy around 1.8200, with stop loss of 1.8105 and target price of 1.8300
