FxWirePro :GBP/AUD steadies above 1.8950 after early weakness, good to buy on dips

• GBP/AUD declined on Tuesday as an improved tone in global equity markets and strength in commodity prices gave support to Australian dollar.

•The pair extended its drop to hit 1.8937 daily low, it was last up 0.05% on the day.

• Technical are favouring bullish  sentiment as RSI is at 54 and the pair is trading above   5,10 & 11-DMAs. 

• Immediate resistance is located at 1.8995 (38.2%fib ), any close above will push the pair towards 1.9060(Daily high).

• Immediate support is seen at 1.8944(5DMA ), break below could take the pair towards 1.8876(50%fib).

Recommendation: Good to buy around 1.8940 with stop loss of 1.8880 and target price of 1.9000