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FxWirePro: GBP/ AUD sustains gains as uptrend remains strong

• GBP/ AUD strengthened   on Tuesday  as disappointing set of Chinese trade figures hurt Australian dollar.

• Data on Tuesday showed China's imports and exports fell much faster than expected in July with imports down 12.4% from a year earlier while exports contracted by 14.5.

•   Bulls are likely to mount a credible run towards 1.9600 level. At GMT 17:36 the pair was last trading at 1.9506 up 0.33 percent.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 58,while moving averages and MACD are trending higher.

• Immediate resistance is located at 1.9570( Higher BB), any close above will push the pair towards 1.9687(23.6%fib).

• Immediate support is seen at 1.9453( 38.2%fib) and break below could take the pair towards 1.9328 (5DMA).

Recommendation: Good to buy around 1.9490, with stop loss of 1.9370 and target price of 1.9590

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