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FxWirePro :GBP/AUD loses momentum but outlook is bullish

• GBP/AUD declined on Friday as higher oil  prices and expected 25bps rate hike from RBA on Tuesday boosted Australian dollar.

• Oil prices gained  on Friday   as investors worried that sluggish global economic activity could crimp fuel demand.

• GBP/AUD eased from 1.9113. The pair has seen a 1.9113 -1.9034 range, on Friday.

•Technical signals are bullish as RSI is up at 62   , daily momentum studies  5, 9 and 11 DMAs are trending north.

• Immediate resistance is located at 1.9200(38.2%fib),any close above will push the pair towards 1.9273(Higher BB ).

• Immediate support is seen at 1.9014(38.2% fib) and break below could take the pair towards 1.8947(5DMA )

Recommendation: Good to buy  around 1.9020, with stop loss of 1.8900 and target price of 1.9100

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