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FxWirePro:GBP/AUD uptrend gains momentum, good to buy on dips

• GBP/ AUD rose sharply on Monday as  investors eyed confidence vote  against UK PM Johnson.

• Prime Minister Boris Johnson was due to face a confidence vote called by members of his Conservative Party.

• At GMT 15:59, the pair was trading up 0.47 percent   at  1.7404.

• Technical signals show the pair could gain as RSI Is rising,while moving averages  turning up.

• Immediate resistance is located at 1.7411( 5DMA), any close above will push the pair towards 1.7448 (38.2%fib).

• Immediate support is seen at 1.7304 (50%fib) and break below could take the pair towards 1.7148 (61.8%fib).

Recommendation: Good to buy around 1.7400, with stop loss of 1.7250 and target price of 1.7510

 

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