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• GBP /AUD strengthened on Tuesday as unexpected fall in UK jobless rate supported sterling.
• Britain’s unemployment rate unexpectedly fell again to 4.8% between January and March, as hiring rose further in April.
• The pair hit daily high at 1.8247 and was last trading at 1.8197 at (GMT 14:56).
• The pairs rise above the 1.8156 has reinforced the growing bullish strength, putting focus on resistance at 1.8300.
• Immediate resistance is located at 1.8234 (300DMA), any close above will push the pair towards 1.8262 (23.6%fib).
• Immediate support is seen at 1.8156 (38.2%fib) and break below could take the pair towards 1.8110(17th may low).
Recommendation: Good to buy on dips around 1.8160, with stop loss of 1.8080 and target price of 1.8260.
