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FxWirePro : GBP/AUD maintains bullish bias with focus on 1.8650 level

• GBP/AUD gained on Wednesday as   spike in COVID-19 cases in Australia weighed on Australian dollar.

• The prospect of an extended lockdown in Australia's largest city of Sydney loomed  as highly infectious Delta variant led to  daily rise in COVID-19 cases .

• The pair was trading up 0.10 percent  at 1.8554 after reaching daily low at 1.8521.

• Technical signals are bullish as RSI is at 60, daily momentum studies  5, 9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.8565 (38.2%fib ), any close above will push the pair towards 1.8595(Higher BB).

• Strong support is seen at 1.8504(50%fib) and break below could take the pair towards 1.8465 (11DMA).

Recommendation: Good to buy on dips around 1.8550, with stop loss of 1.8430 and target price of 1.8650.
 

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