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FxWirePro:GBP/AUD rallies to 1-week high, good to buy on dips

• GBP/AUD gained on Friday  as GBP  benefited from  strongly weaker commodity linked Australian  dollar.

• Key commodities are under pressure -with  Dalian iron ore and oil price easing.

• Technical are favouring bullish sentiment as RSI is at 56 and the pair is trading above 11 & 21-DMAs. 

• Immediate resistance is located at 1.8790 (23.6%fib ), any close above will push the pair towards 1.8929 (may 4th High).

• Strong support is seen at 1.8651 (5DMA) and break below could take the pair towards 1.8495 (38.2%fib).

Recommendation: Good to buy  around 1.8700, with stop loss of 1.8600 and target price of 1.8780
 

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