FxWirePro: GBP/AUD uptrend loses momentum but bullish setup remains

• GBP/ AUD eased    slightly on Thursday   as  risk appetite dampens ahead of Jackson Hole remarks.

• The symposium began Thursday, with traders looking to Fed Chair Jerome Powell’s Friday speech for clues on a potential September U.S. rate cut.

•On the data front, August PMI data showed British businesses enjoying their strongest month in a year, driven by a rebound in the services sector.

• The PMI, tracking both manufacturing and services, rose to 53.0 in August from July’s 51.5, its highest level since last August.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 51,while moving averages and MACD are trending higher.

• Immediate resistance is located at 2.0954(23.6%fib), any close above will push the pair towards 2.0991 (Higher BB).

• Immediate support is seen at 2.0806(38.2%fib) and break below could take the pair towards 2.0691(50%fib).

Recommendation: Good to buy around 2.0860 with stop loss of 2.0730  and target price of 2.0990