• GBP /AUD strengthened on Friday as lower commodity prices weighed on Australian dollar .
• Copper and aluminium prices rebounded on Friday after two days of declines, bolstered by tight supply, hopes of more Chinese stimulus and firmer oil prices.
• The pair hit daily high at 1.7506 and was last trading at 1.7440.
• The pairs rise above the 1.7439 (38.2% fib) has reinforced the growing bullish strength, putting focus on resistance at 1.7650 level in the short term.
• Immediate resistance is located at 1.7506(5DMA), any close above will push the pair towards 1.7622 (50% fib).
• Immediate support is seen at 1.7439 (38.2% fib) and break below could take the pair towards 1.7167 (23.6%fib).
Recommendation: Good to buy on dips around 1.7470, with stop loss of 1.7400 and target price of 1.7650.
