FxWirePro: GBP/ AUD uptrend gains momentum, as positive sentiment builds
• GBP/ AUD rose on Tuesday as UK's rapid COVID-19 vaccine rollout boosted sterling.
• The pair tests resistance at 1.7768 ( 38.2%fib).If GBP/ AUD closes above that resistance, levels above 1.7800 could be seen in the coming days.
• GBP/ AUD traded a 95 pip range thus far Tuesday, 1.7681-1.7776
• Technical signals are pointing uptrend as RSI is 51, daily momentum studies 5, 9 and 11 DMAs are trending up.
• On the upside, Immediate resistance is located at 1.7768 ( 38.2%fib), any close above will push the pair towards 1.7848 (23.6% fib)
• On the downside, support is seen at 1.7700 (38.2%fib ) and break below could take the pair towards 1.7662 (9DMA).
Recommendation: Good to buy around 1.7760, with stop loss of 1.7662 and target price of 1.9800.