FxWirePro: GBP/AUD range bound in the short term, primary trend still bullish

• GBP/AUD  eased  slightly on Wednesday  after the Federal Reserve left its key interest rate unchanged .

•The Federal Open Markets Committee concluded its two-day monetary policy meeting with a unanimous decision to let the Fed funds target rate stand at 5.25%-5.50%.

•  Choppy overnight action leads to a short lived dip but, holds near 1.9315 as price   nears the 38.2% fib.

• Technical signals are bullish as RSI is at 50, daily momentum studies  5,9 and 10 DMAs are trending down.

•  Immediate resistance is located at 1.9308( 23.6%fib), any close above will push the pair towards 1.9398 (Higher BB )

• Strong  support is seen at 1.9156(38.2%fib ) and break below could take the pair towards 1.9061(50%fib).

Recommendation: Good  to buy around 1.9190, with stop loss of 1.9100 and target price of 1.9260