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FxWirePro:GBP/AUD consolidating around 1.7980, bias is bullish

• GBP/ AUD gained on Tuesday as speedy rollout of COVID-19 vaccines by UK   lifted the pair.

• Risk sentiment in markets has also benefited the pound, as has the Bank of England’s has pushed back   negative interest rates.

• A close above 1.8131 (200DMA) , should trigger a new bullish phase with potential for 1.8200. 

• Technical signals are strongly bullish as RSI is at 67, daily moving averages are trending up  . 

• Immediate resistance is located at 1.8052 (38.2%fib), any close above will push the pair towards 1.8131 (200DMA).

• Immediate support is seen at 1.7930 (38.2% fib) and break below could take the pair towards 1.7803(61.8%fib).

 Recommendation: Good buy around 1.7950, with stop loss of 1.7820 and target price of 1.8050
 

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