FxWirePro: GBP/ AUD maintains bullish bias with focus on 1.9050 level
• GBP/ AUD extended its yesterday’s bounce as drop in COVID-19 cases in UK and broad Australian dollar weakness lifted the pair further.
• The pair is attempted to breach resistance at 1.8973(38.2% fib). A break above the at 38.2% fib could lead to a run at 1.9070.
• Technically, the pairs setup looks bullish with 5, 10 and 21 daily moving averages are trending up, while RSI is strongly bullish at 78.
• Immediate resistance is located at 1.8973(38.2% fib), any close above will push the pair 1.9050 (23.6% fib).
• Immediate support is seen at 1.8888 (50% fib) and break below could take the pair towards 1.8834 (DMA).
Recommendation: Good to buy around 1.8920 with stop loss of 1.8820 and target price of 1.9050