FxWirePro:GBP/AUD bullish outlook with scope to target 1.8400 level

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FxWirePro:GBP/AUD bullish outlook with scope to target 1.8400 level

Wednesday, March 22, 2023 5:38 PM UTC

• GBP/AUD steadied on Wednesday after data showed UK price pressures picked up a lot more than expected in February.

• British consumer price inflation unexpectedly rose to 10.4% in February from January's 10.1%, figures from the Office for National Statistics showed on Wednesday.

• At GMT 17:35, the pair was trading up 0.18 percent at 1.8342

• Technical signals are bullish as RSI is rising at 72, daily momentum studies 5, 9 and 11 DMAs are trending up.

• Immediate resistance is located at 1.8354 (23.6%fib), any close above will push the pair towards 1.8429 (Higher BB )

• Strong support is seen at 1.8257 (5DMA) and break below could take the pair towards 1.8177 (38.2%fib).

Recommendation: Good buy around 1.8320, with stop loss of 1.8200 and target price of 1.8400

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