FxWirePro : GBP/AUD positions for another climb, eyes 1.8500 level
• GBP/AUD gained on Wednesday as hopes that EU and UK might agree a trade deal supported sterling.
• GBP/AUD broke through 23.6% resistance at 1.8450 and upper bollinger band, which should put higher levels on the agenda.
• At GMT 18:01, the pair was trading up 0.51 percent at 1.8463 highest since June 1st 2020.
• Technical signals are bullish as RSI is at 55, daily momentum studies 5, 9 and 10 DMAs are trending up.
• On the upside, Immediate resistance is located at 1.8570 (June 1st high ), any close above will push the pair towards 1.8716 (300DMA).
• On the downside, strong support is seen at 1.8400(Psychological level) and break below could take the pair towards 1.7305 (5DMA).
Recommendation: Good to buy on dips around 1.8410, with stop loss of 1.8300 and target price of 1.8520.