• GBP/AUD gained further ground on Thursday as the pair was aided by profit-taking on shorts.
• At GMT 16:48, the pair was trading up 0.84 percent at 1.8359.Highest since June 2nd 2020
• Short-trend remains higher ,close below the rising 1.8184 (23.6% fib)is needed to undermine topside bias.
• From a technical viewpoint, lower bolllinger band is indicating oversold level, while the RSI is turning sharply up.
• On the upside, Immediate resistance is located at 1.8447( 38.2% fib), any close above will push the pair towards 1.8464 (21 DMA)
• On the downside, support is seen at 1.8291 (11 DMA ) and break below could take the pair towards 1.8184 (23.6% fib).
Recommendation: Good to buy around 1.8300, with stop loss of 1.8180 and target price of 1.8430.
