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FxWirePro: GBP/AUD consolidating around 1.9324, room for further gains

• GBP/AUD initially dipped    on Monday but recovered ground as upbeat   UK CBI data supported pound.

• The Confederation of British Industry's (CBI) monthly retail sales balance, a gauge of sales over the year to March, rose to +2 from -7 in February.

• At GMT 19:40, the pair was trading down  0.02 percent  at 1.9327 after reaching daily low at 1.9281.

• The technical outlook  bullish, fourteen-day momentum is positive, reinforcing the scope for a bigger slump   

• Immediate resistance is located at 1.9385 (23.6%fib), any close above will push the pair towards 1.9458 (March 11th high).

• Immediate support is seen at 1.9250 (38.2% fib) and break below could take the pair towards 1.9193 (Feb 20th low).

Recommendation: Good to buy on dips around 1.9320, with stop loss of 1.9250 and target price of 1.9400
 

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