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FxWirePro: GBP/AUD bears lose traction, rebound risk high
• GBP/AUD declined on Thursday as Australian dollar gained on risk-on flows and higher commodity prices.
• GBP/AUD continued to trade lower, trading between 1.8860 and 1.8785 range
• Any downside correction is likely to be temporary as barrier at 1.8711 (61.8%fib)is set to restricting lower move.
• Technical signals show RSI is at 59 bullish , daily momentum studies 9, 10 and 11 DMAs are trending upwards.
• Immediate resistance is located at 1.8853 (38.2% fib), any close above will push the pair towards 1.8943 (23.6%fib).
• Immediate support is seen at 1.8788 (50% fib) and break below could take the pair towards 1.8711 (61.8%fib).
Recommendation: Good to buy on dips around 1.8800, with stop loss of 1.8700 and target price of 1.8900.
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