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FxWirePro:GBP/AUD consolidating around 1.7615, bias is bullish

• GBP/ AUD strengthened on Tuesday as hawkish comments from Bank of England policymakers and rally in equity market boosted pound appeal.

• London’s FTSE 100 index climbed on Tuesday, as a rally in crude prices saw energy stocks surge.

• Investors   awaited UK consumer price data for May due on Wednesday, after inflation in April surged to a 40-year high.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 53,while moving averages and MACD are trending higher.

• Immediate resistance is located at 1.7706( 38.2%fib), any close above will push the pair towards 1.7737 (Higher BB).

• Immediate support is seen at 1.7578 (50%fib) and break below could take the pair towards 1.7527(11DMA).

Recommendation: Good to buy around 1.7590, with stop loss of 1.7480 and target price of 1.7670

 

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